Zodia Custody, a digital asset custody service provider backed by Standard Chartered, has reportedly expanded its operations in Hong Kong.
The decision was made in response to the region’s institutional investors’ increasing need for services linked to cryptocurrencies. The platform provides institutional-grade solutions that adhere to international norms and laws to close the gap between traditional banking and the burgeoning crypto market.
One of the first cryptocurrency custody providers to receive a license from the Financial Conduct Authority (FCA) in the United Kingdom in 2022 was Zodia Custody.
In the near future, the business intends to increase its footprint in more countries, including Singapore, Switzerland, and the United States. The introduction of Zodia Custody in Hong Kong coincides with increased institutional investor interest in cryptocurrency assets, including banks, family offices, hedge funds, and pension funds.
Ninety percent of institutional investors anticipate having an allocation to digital assets by 2026, according to a new Fidelity Digital Assets survey. In addition, according to the report, 52% of Asian investors have already invested in cryptocurrency assets, compared to 33% of European and 27% of American investors.
With Zodia Custody’s entry into the Hong Kong market, the region’s acceptance and creativity with cryptocurrency assets should grow, and Hong Kong’s appeal as a global financial hub should increase.
