• Zodia Custody and SBI Digital Asset Holdings have joined forces to form a crypto asset custodian for institutional investors in Japan.
• The joint venture is subject to anti-trust and foreign direct investment clearances, as well as licenses from the Japanese regulator, the Financial Services Agency.
• The aim of this venture is to appeal to institutions interested in crypto investment and adoption.
Zodia Custody Teams Up With SBI Digital Asset Holdings
Cryptocurrency storage provider Zodia Custody has announced a joint venture with Japanese financial services firm SBI Holdings’s crypto arm – SBI Digital Asset Holdings (SBI DAH) – to set up a crypto asset custodian for institutional investors.
Aimed at Institutions Interested in Crypto Investment and Adoption
The firms 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.
Ownership of Joint Venture Split 51%-49%
Ownership of the joint venture will be split 51%-49% in favor of SBI DAH. This venture is subject to anti-trust and foreign direct investment clearances, as well as licenses from the Japanese regulator, the Financial Services Agency.
Backed By Standard Chartered and Northern Trust
Zodia Custody is backed by Standard Chartered and Northern Trust.