Standard Chartered-Backed Crypto Custody Firm Zodia Custody Ends Japan Joint Venture with SBI

PANews reported on September 11th that Zodia Custody, a digital asset storage company backed by Standard Chartered Bank, has reconsidered its joint venture with SBI Holdings Inc. in Japan, two years after its launch. Zodia Custody CEO Julian Sawyer stated, "This was a strategic consensus reached between SBI and us and a mutual decision. We each have other priorities, and they have other priorities as well."

Sawyer stated that SBI Zodia Custody, which is 51% owned by Tokyo Financial Corporation and 49% owned by Zodia Custody, had been in discussions with the Japanese Financial Services Agency regarding applying for local registration but had not yet moved forward. Prior to the decision to terminate operations, the company had been "working on and preparing for the application," and that Zodia Custody had "limited resources available globally." Kosuke Kitamura, a spokesman for SBI Holdings, stated, "This dissolution does not represent a retreat from our custody business or our Asian strategy. It is a proactive decision aimed at achieving synergies within the group at a faster pace within our digital ecosystem."