TodayĀ Zodia Custody, one of Standard Charteredās institutional digital asset subsidiaries, said it is launching a joint venture withĀ SBI Digital Asset HoldingsĀ (SBIDAH), with SBI owning 51%. The newco will provide institutional digital asset custody in Japan, subject to regulatory approval.
SBI first disclosed that such a custody venture was in the works during anĀ investor presentation in mid-2022, at the time mentioning that it might involve SBIDAH and SBI VC Trade, its cryptocurrency trading initiative. SBI and SC Ventures had already collaborated to create ecosystems for startups, including blockchain, crypto-assets, fintech and AI.
āWe are delighted to have built a relationship with Zodia Custody that centres on building trust with our clients through financial strength, technological and operational expertise, and a shared alignment with market regulations for digital assets,ā said Fernando Luis Vazquez Cao, CEO of SBI DAH. āWe believe our partnership with Zodia is a unique global proposition to institutional clients.ā
Zodia CustodyĀ was firstĀ unveiled in 2020, with top-10 global custodian Northern Trust having a 5% stake in the venture. Standard Chartered also has a trading initiative,Ā Zodia Markets.
SBIās global digital asset reach
Like Standard Chartered,Ā SBIĀ has a digital asset presence and is extremely prolific in its activities. SBI DAH subsidiaries include Singapore-based SBI Digital Markets for issuance, in which Thailandās SCB 10X is also an investor.Ā AsiaNextĀ is the Singapore digital asset trading joint venture with the Swiss exchange SIX. SBIDAH now also houses SBIās investment inĀ Boerse Stuttgart Digital, the German crypto exchange and custody solution. Crypto market makerĀ B2C2Ā was acquired by the Japanese group. SBI Holdings recently also inked aĀ digital assets deal with CBOE.
On the digital securities side, SBI has launched theĀ Osaka Digital ExchangeĀ with plans to start trading security tokens this year. Itās an investor in multiple tokenized securities platforms in Japan, includingĀ MUFGās ProgmatĀ andĀ Nomuraās Boostry.
In 2021 SBI Groupās CEO Yoshitaka Kitao outlinedĀ SBIās global ambitionsĀ in digital assets. With these various ventures, SBIās digital asset tentacles stretch across large parts of Asia (Singapore, Japan, Thailand), the United States and Europe, with alliances in Switzerland, Germany and now the UK.