SBI and Zodia Custody dissolve Japan joint venture… two years after establishment
Summary
- SBI Holdings and Zodia Custody said they agreed to end the operations of their Japan joint venture 'SBI Zodia Custody.'
- They said the dissolution was a decision made through a strategic agreement between the two companies, based on different priorities.
- SBI Holdings emphasized that the joint venture dissolution does not mean a retreat from its custody business or Asia strategy.
Japan's financial group SBI Holdings and Zodia Custody, a cryptocurrency custody firm under global investment bank Standard Chartered (SC), are ending the operations of their joint venture.
On the 11th (local time), Bloomberg reported that SBI Holdings and Zodia Custody recently agreed to dissolve their Japan joint venture 'SBI Zodia Custody.' It has been two years since SBI Holdings and Zodia Custody decided on the Japan joint investment.
Julian Sawyer (Julian Sawyer), Zodia Custody's Chief Executive Officer (CEO), told Bloomberg, "(The dissolution) is a strategic agreement between SBI and Zodia Custody," adding, "it is a measure resulting from a mutual decision that they have different priorities." SBI Holdings said, "This dissolution of the joint venture does not mean a retreat from SBI's custody business or Asia strategy."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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