• Zodia Custody and SBI Digital Asset Holdings (SBI DAH) have announced a joint venture to set up a crypto asset custodian for institutional investors in Japan.
• The venture, ownership of which will be split 51%-49% in SBI DAH’s favor, is subject to anti-trust and foreign direct investment clearances, as well as licenses from the Japanese regulator, the Financial Services Agency.
• Zodia Custody and SBI are aiming to appeal to institutions interested in crypto investment and adoption but put off by a lack of custodial services that meet the grade of provider in the traditional finance (TradFi) industry.
Zodia Custody Teams Up With SBI Digital Asset Holdings
Zodia Custody has partnered with Japanese financial services firm SBI Holdings’s crypto arm to form a joint venture and establish a crypto asset custodian for institutional investors. The venture is subject to clearance from both anti-trust and foreign direct investment authorities, as well as licenses from the Japanese regulator, the Financial Services Agency.
Aimed At Institutions Interested In Crypto Investment & Adoption
Zodia Custody and SBI are aiming to cater towards institutions interested in investing or adopting cryptos but discouraged by lacking custodial services of providers found in traditional finance (TradFi). The joint venture will offer gold-standard crypto asset custody services in Japan.
Backed By Standard Chartered & Northern Trust
The joint venture between Zodia Custody and SBI Digital Asset Holdings is backed by Standard Chartered and Northern Trust. This provides added assurance for potential customers looking for reliable custody solutions for their digital assets investments.
Coinbase Confirms Halting Operations In Japan
Cryptocurrency storage provider Coinbase has confirmed that it is halting operations in Japan due to regulatory issues related with local licensing requirements. This news further highlights the need for secure digital asset custody solutions within Japan that meet industry standards – something which Zoida Custody aims to provide through its new joint venture with SBI DAH.
By teaming up with an established financial institution like SBI Holdings, Zodia Custody can offer much needed security features to businesses seeking reliable digital asset custody solutions within Japan – an area where Coinbase had previously struggled due to regulatory challenges.