According to Zodia CEO, institutional investors rather than regular consumers are the primary drivers of the cryptocurrency market in Hong Kong.

Zodia, the institutional cryptocurrency custody platform, is extending its services to Hong Kong. 

It is jointly controlled by the financial business Northern Trust, the Japanese SBI Holdings, and the British banking behemoth Standard Chartered.

In response to the increasing demand for cryptocurrency from institutions, Zodia CEO Julian Sawyer said that Zodia Custody is commencing services in Hong Kong, as reported by CNBC on October 29.

Sawyer claims that institutional investors rather than regular consumers are primarily responsible for Hong Kong's demand for cryptocurrencies, which perfectly aligns with Zodia's cryptocurrency custody service. 

He added that Zodia's goals and Hong Kong's position on cryptocurrencies are compatible since the latter "sees digital assets as the future and also wants Hong Kong to be a hub."

Zodia's debut in Hong Kong coincides with the company's aggressive.

We also see a lot of other prospects and clients who wish to enter the institutional side from outside those four jurisdictions."

The article states that Zodia will launch its services in Hong Kong gradually and that it will first support a restricted amount of cryptocurrency assets.

The report mentions that the company is purportedly in talks to get regulated in the financial district with the Hong Kong Monetary Authority and Securities and Futures Commission.

Zodia did not answer Cointelegraph's request for comment right away.

Standard Chartered first revealed intentions to introduce an institutional custodial platform for cryptocurrencies like Bitcoin, as was previously reported. 

late in 2020. Zodia was founded in 2021, and in April 2023, it successfully raised $36 million in a Series A fundraising round headed by SBI Holdings. 38 cryptocurrencies are supported on the site, including Ether and Bitcoin. 

Tickers lowering 1,821 and Tether-like stablecoins USD tickers lowering $1,000 and Dollar Coin 

DISCLAIMER: We don't provide any investment advice.