Zodia Custody, a digital asset storage company backed by Standard Chartered, has disbanded its Japanese joint venture with SBI Holdings Inc. after a reconsideration two years after its launch. Julian Sawyer, chief executive of Zodia Custody, said: "This is a strategic consensus between SBI and us, a mutual decision. We have other priorities and they have other priorities."
SBI Zodia Custody, 51 per cent owned by Tokyo Financial Corporation and 49 per cent by Zodia Custody, had been in discussions with the FSA about applying for local registration but had not moved forward; it had been "working on and preparing for the application" before deciding to terminate the business, and Zodia Custody had "limited resources available globally", Sawyer said. Kosuke Kitamura, spokesperson for SBI Holdings, said: "This dissolution does not represent a retreat from our custody business or strategy in Asia. It is a positive decision to achieve synergy effects within the group at a faster pace within our digital ecosystem".
Crypto escrow company Zodia Custody dissolves its joint venture with SBI in Japan
2025-09-11 09:07:03
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