Crypto custody company Zodia Custody dissolves its joint venture with SBI in Japan

Golden Finance reported that ZodiaCustody, 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 ZodiaCustody. "This is a strategic consensus reached between SBI and us and is a joint decision between both parties. We each have other priorities and they have other key arrangements," said Sawyer. SBIZodiaCustody, which owns 51% of Tokyo Financial Corporation and 49% of ZodiaCustody, has been discussing with the Japan Financial Agency on applying for local registration, but has not yet advanced; before the decision to terminate the business, the company has been "working and preparing for the application" and ZodiaCustody has "limited global resources available". "This disbandment does not represent our retreat in the hosting business or Asian strategy. It is an active decision to achieve synergies within the group at a faster pace under our digital ecosystem," said Kosuke Kitamura, spokesman for SBI Holdings.