Coin Edition -
- Zodia Custody, a crypto-security firm owned by Standard Chartered, launches its digital assets services in Hong Kong.
- “The Hong Kong government and the regulators want Hong Kong to be a hub,” according to Zodia’s CEO Julian Sawyer.
- Hong Kong distinguishes itself as an institutional-driven crypto market, with large transactions exceeding $10 million.
The crypto security firm Zodia Custody, owned by the renowned British banking giant Standard Chartered, further solidifies its presence in Asia by launching in Hong Kong. This move marks Zodia’s latest venture following successful expansions in Japan, Singapore, and Australia earlier this year.
Unlike many markets where retail customers often dominate the demand for digital assets, Hong Kong stands out as a hub where institutions are steering the crypto revolution. In a CNBC report, Zodia Custody’s CEO, Julian Sawyer, expressed his enthusiasm about this development, highlighting that “this is the ideal clientele for Zodia.”
A recently published Chainalysis report shows that Hong Kong is a highly active crypto market with an estimated $64 billion in crypto received between July 2022 and June 2023. Notably, a significant portion of these transactions involves large institutional deals of $10 million or more, setting Hong Kong apart from other countries in the region.
The embrace of digital assets in Hong Kong is not a mere coincidence. “The Hong Kong government and the regulators see digital assets as the future and also want Hong Kong to be a hub,” according to Sawyer.
Hong Kong’s growing acceptance of cryptocurrencies has been a notable trend, even amidst China’s stringent anti-crypto policies. Over the last year, Hong Kong, through its Securities and Futures Commission (SFC), has implemented rules allowing retail crypto trading within a regulated environment.
The company, which specializes in providing secure crypto-storage solutions to financial institutions, has been expanding its operations internationally. This expansion journey included the launch of services in Japan, Singapore, and Australia.
Sawyer explained, “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.”
The post Zodia Custody Opens in Hong Kong, Taps Into $10M+ Institutional Deals appeared first on Coin Edition.