Cryptocurrency Platform Zodia Expands to Hong Kong Amid Institutional Crypto Interest
Zodia expands into Hong Kong, focusing on institutional demand for cryptocurrency services.
Mon, 30 Oct 2023, 16:05 pm UTC
The British-owned cryptocurrency platform Zodia, backed by major financial institutions including Standard Chartered, Japan's SBI Holdings, and Northern Trust, has set its sights on Hong Kong. With a surge in institutional interest in cryptocurrencies, Zodia is responding swiftly by extending its services to the thriving Asian financial hub.
Julian Sawyer, Zodia's CEO, shared insights with CNBC on October 29, highlighting the company's decision to introduce its services in Hong Kong. Notably, Sawyer emphasized that institutional players in the city are the primary drivers behind the growing interest in cryptocurrencies, a situation that aligns well with Zodia's offerings.
Discussing Hong Kong's attitude toward cryptocurrencies, Sawyer underlined the region's forward-thinking approach, envisioning digital assets as the future and aiming for the city to become a prominent digital asset hub.
This strategic move into Hong Kong is just a part of Zodia's broader plan to establish its presence across Asia. Previously, the firm launched its operations in regions including Japan, Singapore, and Australia.
Sawyer provided context for this aggressive expansion, noting the visible eagerness of clients in these markets to leverage Zodia's services. Beyond these regions, he revealed that several potential institutional clients from outside these jurisdictions are expressing their intention to engage with the platform.
Upon its introduction in Hong Kong, Zodia will not immediately offer its full range of services. Initially, they will focus on a select few digital assets, with gradual expansion. Furthermore, they are actively engaging with regulatory authorities such as the Securities and Futures Commission and the Hong Kong Monetary Authority. The clear intention is to align with and potentially obtain the necessary regulatory approvals in the financial sector.
Standard Chartered first hinted at the establishment of an institutional platform dedicated to digital currencies like Bitcoin back in 2020. Fast forward to 2021, Zodia was launched and subsequently secured $36 million in a funding round led by SBI Holdings in April 2023. Presently, the platform is compatible with 38 different cryptocurrencies, including well-known names like Bitcoin, Ether, Tether, and USD Coin.
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