Zodia Custody Expands to Australia, Launches Digital Asset Custody Platform for Institutions

Zodia Custody, a cryptocurrency storage provider and a subsidiary of Standard Chartered, has announced the launch of SAF3, an institutional-grade real-time digital asset custody platform in Australia.

In its latest announcement, Zodia Custody stated that its newly established subsidiary, Zodia Custody Australia, has launched SAF3 on October 16, 2023 to support crypto service providers in Australia and New Zealand. The platform allow institutions to protect their funds with bank-grade cold wallet storage, which is uniquely accessible in real-time. Institutions can also grow their assets through a single portal, connecting to exchanges and participating in network activities. SAF3 aims to safeguard businesses and their customers by offering risk controls and enhanced fraud and scam detection capabilities.

Furthermore, the new subsidiary plans to extend SAF with an enhanced suite of services in 2024, facilitating institutions to manage their digital assets activities all in one safe, secure platform. DigitalX, the first publicly listed blockchain technology company in Australia, will be the platform's first customer.

Julian Sawyer, CEO of Zodia Custody, said: "Our expansion into Australia is integral to our core mission — to provide safe, secure access for institutions to not only safely access the opportunities digital assets bring, but to increase their exposure, safely. Today, an estimated 26% of Australians hold digital assets, totalling the equivalent of $21.6 billion currently held via cryptocurrency exchanges and custodial solutions. Responsible institutional adoption is key to ensuring this growing industry is safe and secure for all. Institutions need bank-grade infrastructure to responsibly participate. Our technology and risk management infrastructure housed within the SAF3 platform was built from the ground-up for institutions by institutions, such as regulated banks."

National Australia Bank (NAB), Australia's largest business bank, has partnered with Zodia Custody via a proof of concept designed to test the bank-grade credentials of the SAF3 platform.

Howard Silby, Chief Innovation Officer of NAB, commented: "As a trusted financial institution, we have an important role to play in advancing the maturity of blockchain enabled sector to provide the simplest, safest and most secure services for Australians, including in emerging areas where technology should be rigorously tested. That's why we've collaborated with Zodia. Over a nine-week period, we tested Zodia's integration and compliance capabilities, technology, and governance processes. This included testing Zodia's unique approach to a real-time air-gapped cold wallet capability and the new all-in-one digital assets platform experience; SAF3. The results were overwhelmingly positive."

Zodia Custody is a multi-regulated digital asset custodian that has been continuously expanding its global footprint. Earlier in September, the custodian established its Singapore subsidiary, Zodia Custody (Singapore) Pvt. Limited​, to enter the local market. In March, its Irish business, Zodia Custody (Ireland) Limited​, was approved for registration as a VASP by the CSSF and has been allowed to provide virtual asset services in Luxembourg. This makes Zodia Custody the first entity partnered with a bank and dedicated cryptoasset custodian to achieve registered status to provide custody services for financial institutions in Luxembourg.