12/09/2023 (Singapore) - Zodia Custody, a subsidiary of Standard Chartered, has launched in Singapore to serve the growing digital asset market. It becomes the first entity owned by and partnered with banks to offer digital asset custody services to Singapore's financial institutions.
Zodia aims to expand across the Asia-Pacific region to meet increasing demand for secure digital asset custody solutions from both existing clients and new institutions.
Julian Sawyer, Zodia's CEO, noted Singapore's maturing regulatory environment for crypto and its familiarity with the digital asset world. The backing of Standard Chartered strengthens Zodia's reputation and discussions with major financial firms.
Despite global challenges, Singapore has seen rapid digital asset adoption, with a crypto ownership rate of 19%, higher than the global average. Crypto and blockchain were the leading areas of fintech investment in Singapore in 2022, raising $1.2 billion, though funding in the crypto space decreased by 21%. Globally, crypto startups secured $23.1 billion in 2022, a 23% YoY decrease.
Zodia's expansion into Singapore follows its recent move into Abu Dhabi, capitalizing on the city's crypto-friendly regulatory environment and financial hub status.