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Standard Chartered’s crypto arm Zodia launches in Singapore

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Zodia Custody, the cryptocurrency custodian owned by Standard Chartered, announced Tuesday that it is launching its services in Singapore for financial institutions, CNBC reported. Standard Chartered is a U.K.-based multinational banking conglomerate with total assets of US$838.7 billion as of July 2023.

See related article: Will Singapore steady the stablecoin ship?

Fast facts

  • Zodia reportedly said it is the first bank-owned entity to provide crypto custody services for institutional clients in Singapore.
  • Singapore is moving to the “next level of maturity” in regulating crypto and developing central bank digital currencies (CBDC), Zodia Chief Executive Officer Julian Sawyer told CNBC.
  • Last Wednesday, Zodia said it received an in-principle approval from Abu Dhabi to pursue regulated over-the-counter crypto broker-dealer activities in the United Arab Emirates capital.
  • Earlier in February, Zodia announced a joint venture with financial services firm SBI Holdings for custody services in Japan.
  • Standard Chartered launched Zodia in July 2021 with Chicago-based financial services firm Northern Trust.
  • Several major cryptocurrency firms with a global reach have recently expanded their presence in Singapore. Gemini, the cryptocurrency exchange founded by the Winklevoss brothers, announced in June that it’s growing its headcount in the city-state to operate as an expansion hub in the Asia-Pacific.

See related article: Singapore to require crypto firms to hold customer assets in a trust; restricts lending, staking by retail users

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