Zodia Custody Terminates Japan Joint Venture with SBI「SBI Zodia Custody」

BlockBeats News, September 11th, according to Bloomberg, Zodia Custody, a digital asset storage company supported by Standard Chartered Bank, has decided to dissolve its joint venture in Japan, "SBI Zodia Custody," two years after its launch.

Julian Sawyer, CEO of Zodia Custody, stated: "This is a strategic agreement between SBI and us, a mutual decision. We each have other priorities, and they have different arrangements in place." Sawyer mentioned that SBI Zodia Custody, with Tokyo Financial Corporation holding 51% and Zodia Custody holding 49%, had been in discussions with the Japanese Financial Services Agency regarding local registration but had not made progress; before deciding to cease operations, the company had been "working and preparing an application" while Zodia Custody has "limited global resources." SBI Holdings spokesperson Kosuke Kitamura stated: "This dissolution does not mean a retreat in our custody business or Asian strategy. It is a proactive decision aimed at achieving synergies within the group more quickly under our digital ecosystem."