Standard Chartered-backed Zodia Custody has exited its Japan venture with SBI Holdings after two years, with both firms calling the move a strategic realignment.
Zodia Custody, the digital asset custody firm backed by Standard Chartered, has dissolved its joint venture with Japan’s SBI Holdings two years after launching the initiative.
The venture, known as SBI Zodia Custody, was 51% owned by SBI and 49% by Zodia Custody. According to its website, the project aimed to replicate institutional-grade custodial services in the digital asset space.
“This is a strategic alignment between SBI and ourselves as a mutual decision that we have other priorities and they have other priorities,” Julian Sawyer, CEO at Zodia Custody, reportedly told Bloomberg.
