• 29 May, 2024
News

Hong Kong Launches Standard Chartered-Owned Crypto Platform Zodia

  • In Hong Kong, Zodia is offering a limited range of cryptocurrencies and actively engaging with regulatory bodies for necessary approvals.
  • The platform’s $36 million funding round led by SBI Holdings, reflects growing institutional confidence in the cryptocurrency market.

Zodia, a big cryptocurrency custody platform backed by major financial companies like Standard Chartered and SBI Holdings, is making a big move into Hong Kong. This decision is driven by a rising interest in cryptocurrencies from big institutional investors in the region. Zodia’s expertise in crypto storage makes it a perfect fit for this growing market. Hong Kong’s government also supports digital assets and wants the city to be a key player in the crypto world.

Zodia’s CEO, Julian Sawyer, pointed out that institutional investors are the main force behind the increasing demand for cryptocurrencies in Hong Kong. He cited,

What we’re seeing is there are absolutely clients in all of those four markets who want to do things.We also see a lot of other clients and prospects outside those four jurisdictions that want to come in on the institutional side.

Zodia is planning a careful rollout of its services in Hong Kong, starting with a few of cryptocurrencies. They are currently in talks with Hong Kong’s financial authority, the SFC and the Hong Kong Monetary Authority to get the necessary approvals to operate in the city.

This move follows Zodia’s recent expansion efforts in Asia, with successful launches in countries like Japan, Singapore, and Australia. The company’s journey began when Standard Chartered announced plans in 2020 to create a platform for handling cryptocurrencies. Since its official launch in 2021, Zodia has gained a lot of attention. In a funding round in April 2023, Zodia raised an impressive $36 million, with SBI Holdings leading the investment.

Currently, Zodia supports various cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and stablecoins like Tether (USDT) and USDC (USDC). By entering the Hong Kong market, Zodia aims to serve the needs of institutional investors better and be a part of the growing trend of big financial players getting involved in the cryptocurrency world. This move not only shows Zodia’s commitment but also highlights the increasing interest of big companies in the global cryptocurrency scene.

HSBC, the British banking giant, recently announced that it has allowed its customers in Hong Kong to invest in cryptocurrencies. Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETF) are among the cryptocurrencies available for investment. This move comes as a big step for the bank towards embracing the digital asset space.

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