The partnership between SBI Holdings and Zodia Custody aimed at providing institutional-grade crypto storage has concluded without reaching licensing.
Reasons for Ending the Partnership
The two-year partnership between SBI and Zodia ended by mutual consent. Zodia's chief, Julian Sawyer, stated that the companies had simply chosen different priorities.
New Strategies of SBI and Zodia
SBI claims it will continue to develop its digital ecosystem strategy and is exploring new financial products, such as crypto ETFs. Meanwhile, Zodia is focusing on international expansion, including recent moves in the United Arab Emirates.
Business Challenges in Japan
The breakup highlights difficulties faced by foreign companies in Japan. High taxes and a slow licensing process hinder market entry for startups, which could risk Japan's standing in crypto innovations.
The SBI-Zodia breakup highlights broader issues regarding the challenges foreign entities face when operating in Japan’s crypto sector.
