Zodia Custody and SBI Holdings to shut down joint venture after two years

The joint venture between Zodia Custody, a crypto custody firm backed by Standard Chartered, and Japan's SBI Holdings is shutting down after two years of operation, Bloomberg reported. The move follows a business review. Zodia Custody CEO Julian Sawyer explained that the decision was mutual, allowing both companies to concentrate on their respective priorities. The joint venture had reportedly been in discussions for registration with Japan's Financial Services Agency but had made no progress.