The demand for cryptocurrency is rapidly growing as the approval of the spot Bitcoin ETF inches closer. Institutions and crypto firms across the world are expanding their businesses to get benefits from this upcoming approval.
Zodia’s aggressive expansion with top institutional backing
By looking at this, Zodia, an institutional cryptocurrency custody platform backed by giants like Standard Chartered, Japanese SBI Holdings, and financial firm Northern Trust, also aims to expand its operations.
Recently, on October 29, 2023, Zodia’s CEO, Julian Sawyer, announced the launch of its crypto services in Hong Kong as the crypto services in Hong Kong are significantly surging, as per local media reports. This aggressive move by Zodia comes after the launch of its services in countries like Japan, Australia, and Singapore in the recent month.
Zodia launches Crypto services in Hong Kong
Sawyer also pointed out that the demand for cryptocurrency in Hong Kong is primarily driven by institutional investors, with limited involvement from retail investors. Zodia’s services align well with what institutional investors are seeking.
Furthermore, Sawyer mentioned that the Hong Kong government’s favorable stance on crypto aligns with Zodia’s vision, as they view digital assets as part of the future. Hong Kong is currently one of the leading countries in Asia for crypto adoption, with the intention to establish itself as a crypto hub.
The reason behind Zodia’s aggressive crypto offerings is due to the massive adoption of cryptocurrencies by the institutions in these countries.
Notable collaborations in the Cryptocurrency realm
In recent months, several collaborations have taken place in the cryptocurrency realm, including Mastercard’s partnership with MoonPay to revolutionize web3 services and crypto payments, and Google Cloud’s collaboration with MutliversX to strengthen blockchain and web3 innovation, among others.
Also Read: Hong Kong and Saudi Arabia strengthen financial collaboration amidst growing Crypto interest
According to the local media report, Zodia plans to gradually expand its other services in Hong Kong as of now, as it only offers limited services to its institutional clients. Additionally, the company is actively engaging with Hong Kong’s Securities and Futures Commission and the Hong Kong Monetary Authority to secure regulatory approval in this rapidly evolving market.
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