Zodia Custody terminates its Japanese joint venture "SBI Zodia Custody" with SBI

BlockBeats News, September 11, according to Bloomberg, Zodia Custody, a digital asset custody company backed by Standard Chartered, has dissolved its joint venture "SBI Zodia Custody" with SBI Holdings Inc. in Japan after two years of operation, following a reassessment.

Julian Sawyer, CEO of Zodia Custody, stated: "This is a strategic consensus reached between SBI and us, and it is a mutual decision. We each have other priorities, and they also have other key arrangements." Sawyer mentioned that SBI Zodia Custody, which was previously 51% owned by the Tokyo financial company and 49% by Zodia Custody, had been in discussions with the Japan Financial Services Agency regarding local registration, but there had been no progress; prior to the decision to terminate the business, the company had been "working and preparing for the application," but Zodia Custody's "global available resources are limited." Kosuke Kitamura, spokesperson for SBI Holdings, said: "This dissolution does not represent a retreat from our custody business or our Asia strategy. It is a proactive decision aimed at achieving group-wide synergies within our digital ecosystem at a faster pace."