On Monday October 30, the Zodia Custody revealed plans to enter the vibrant Hong Kong crypto market. In a blog post, the Zodia team confessed that its expansion plan aims at meeting the needs of Hong Kong institutional investors.
The announcement revealed that Zodia seeks to provide custodial services to financial institutions. Since 2020, the Zodia team has forged its way in transforming the custodial sector.
Zodia Expands to Hong Kong
An announcement from Zodia chief executive Julian Sawyer revealed that the Hong Kong market has endless opportunities for institutional clients. The executive noted that firms operating in Hong Kong are seeking to fill the existing void crypto sector.
Sawyer confessed that the expansion of Zodia to the crypto-friendly country aims at meeting the ever-changing needs of institutional investors. Based on the market dynamics, the CEO noted that the needs of institutional clients resulted in a high demand for crypto.
Sawyer confessed that the current market condition in Hong Kong favors Zodia since the target customers for London-based custodial are the institutional investors. He recognized the efforts made by the Hong Kong regulators to create a crypto-friendly environment to attract foreign investment in the region.
Besides promoting the attractiveness of the crypto industry, the executive noted the Hong Kong lawmakers’ aims at establishing a burgeoning crypto hub in the region. A review of the new crypto regulation in Hong Kong revealed that most policies support the development of crypto and blockchain technologies.
The official acknowledged that crypto assets can enormously transform the financial sector in the future.
Hong Kong Witness High Demand for Crypto Assets
The CEO confessed that Hong Kong’s positive stance on crypto assets aligns with Zodia’s primary objective. For the past three years, Zodia has actively supported the mainstream adoption of crypto assets.
Remarkably in line with the Zodia expansion plan, the company has specialized in providing institutional clients with cutting-edge crypto services. However attain the end goal, the Zodiac team plans to broaden its maeket presence in Asia, Japan, Australia, and Singapore.
Even though the custodial company has already established its presence in the four regions. The company plans to optimize its operations in the four countries to dominate the competitive market.
According to the CEO, Zodia’s target market has many institutional clients with unaddressed concerns. The executive noted that the dynamism of the financial market has challenged many retail clients to migrate to the institutional sector.
Zodia Targets Institutional Investors
Apart from the four regions, the CEO noted that the number of potential investors has gradually increased in other jurisdictions. The executive revisited the Hong Kong expansion plan, which aims at introducing Zodia’s financial product to the region.
At the initial launch of Zodia custodial service in the Asian country, the company plans to support a limited number of digital assets. Meanwhile, Zodia’s top executives are in talks with the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) to operate as a regulated firm.
Besides improving its compliance level, Zodia has partnered with the best-performing financial institutions in Britain, including Standard Chartered, Northern Trust, and SBI Holdings. The report indicates that the three banking institutions own Zodia and currently support around 38 cryptocurrencies.