- Zodia Custody (HK) has been granted a Belief or Firm Service Supplier (TCSP) license.
- The Commonplace Chartered-backed digital asset custody platform will supply regulated companies to institutional shoppers.
Zodia Custody (HK), a crypto custody resolution supplier, has been awarded a Belief or Firm Service Supplier (TCSP) license.
The license permits the Chartered-backed digital asset custody supplier to convey its companies to the Hong Kong market, as detailed in an organization launch.
This key milestone permits Zodia Custody (HK) to consolidate its place within the crypto area, he added.
Zodia Custody focuses on the Hong Kong market
Zodia Custody’s focusing on of the Hong Kong market comes because the area seeks to enhance its international place as a hub for digital belongings. Varied initiatives embody a push for correct licensing of crypto companies and a reported push for spot Ethereum c exchange-traded funds (ETFs).
Firm not too long ago appointed Kal Chan as CEO, with one in all his objectives being to spearhead the adoption of digital belongings within the area.
“Hong Kong is just not solely a significant hub for digital belongings in Asia, however is exhibiting the world the best way to mainstream adoption,” Chan stated on the time. The crypto platform will leverage its bank-backed heritage in its regulatory and institutional objectives, Chan added.
With the Hong Kong license, Zodia Custody will supply its companies to institutional shoppers, each native and worldwide. The purpose is to offer a regulated platform whose infrastructure and merchandise meet TCSP necessities.
In December final 12 months, Zodia Custody built-in with Metaco, a cryptographic storage supplier owned by Ripple. The combination enabled international sub-custody, much like the usage of custody suppliers within the conventional banking ecosystem.
