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Zodia Custody, a digital asset custodian backed by major shareholders such as Standard Chartered, SBI Holdings, and Northern Trust, has announced its expansion into Singapore.
The company's decision to set foot in Singapore is timely, given the Monetary Authority of Singapore's (MAS) recent initiatives to sculpt a well-defined digital asset framework. This includes the introduction of guidelines for digital currencies like central bank digital currencies and stablecoins, and draft legislation focusing on the protection of digital assets.
"Our aim is to equip market players with advanced technology, stringent compliance, and governance, propelling their digital asset integration," Julian Sawyer, CEO of Zodia Custody, said in an announcement on Tuesday.
Over the past year, Zodia Custody has forged several strategic partnerships with entities such as LMAX Digital, Hidden Road, BlockFills, and Blockdaemon. A significant driver behind these alliances is Zodia's Interchange offering, which equips institutions with enhanced risk management, secure custody, and solvency protection.
Such measures are crucial, especially in light of recent market fluctuations, ensuring institutions can confidently participate in the digital asset market while maintaining stringent safety protocols.
Zodia Custody's global footprint has been steadily expanding, with recent ventures into Japan and Luxembourg. The company's foray into Singapore comes on the heels of a successful US$36 million Series A funding round.
