StanChart-Backed Crypto Custodian Ends Japan Venture With SBI

Standard Chartered Plc-backed digital assets storage firm Zodia Custody has dissolved its Japanese joint venture with SBI Holdings Inc. two years after it was launched, following a rethink on the endeavor.

“This is a strategic alignment between SBI and ourselves as a mutual decision that we have other priorities and they have other priorities,” said Julian Sawyer, chief executive officer at Zodia Custody.

SBI Zodia Custody, 51% owned by the Tokyo-based financial firm and 49% held by Zodia Custody, has been in discussions with Japan’s Financial Services Agency about applying for a local registration but had ...