Standard Chartered crypto custody company Zodia Custody terminates Japanese joint venture with SBI

PANews reported on September 11 that Zodia Custody, a digital asset storage company backed by Standard Chartered, has dissolved its joint venture with SBI Holdings Inc. in Japan after two years of its launch. "This is a strategic consensus reached between SBI and us, and it is a joint decision between both parties. We each have other priorities and they have other key arrangements," said Julian Sawyer, CEO of Zodia Custody. Sawyer said that SBI Zodia Custody, which owns 51% of Tokyo Financial Corporation and 49% of Zodia Custody, has been discussing with the Japan Financial Agency on applying for local registration, but has not yet advanced; the company has been "working and preparing for application" before the decision to terminate the business, and Zodia Custody has "limited globally available resources." "This dissolution does not represent our retreat in the hosting business or the Asian strategy. It is an active decision to achieve synergies within the group at a faster pace under our digital ecosystem."