OKX Names Standard Chartered as Its Institutional Crypto Custodian

OKX taps banking giant Standard Chartered as a crypto custodian for its institutional clients.

Two cyborgs looking at OKX in space.
Created by Kornelija Poderskytฤ— from DailyCoin
  • OKX has named a new institutional crypto custody partner.
  • The exchange said the partner will help add a layer of trust to its services.
  • The partner launched a crypto custody business barely two months ago.

The crypto exchange OKX has named banking giant Standard Chartered as a digital asset custodian of its institutional clients.

The development came after the international cross-border bank launched its crypto custody service in the United Arab Emirates on September 10 after receiving a license from the Dubai Financial Services Authority (DFSA). Standard Chartered said the service would be offered within the Dubai International Financial Centre (DIFC), a leading global financial hub.

OKX Partners with Standard Chartered

According to an October 29 statement by OKXโ€™s Chief Commercial Officer, Lennix Lai, the exchangeโ€™s partnership with Standard Chartered is part of a broader vision to bridge the gap between crypto and traditional finance by allowing institutional clients to separate trading from custody.

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OKX said the partnership allowed it to provide an additional layer of trust and assurance to its services, given Standard Charteredโ€™s position as one of the first global systemically important banks (G-SIBs) to embrace digital asset custody.

โ€œWhat excites me most about this partnership is the signal it sends to the market. Standard Charteredโ€™s involvement means weโ€™re not just offering another crypto custody solutionโ€”weโ€™re setting a new standard. Institutional investors want assurance, and by teaming up with such a reputable bank, weโ€™re giving them exactly that,โ€ Lai stated.

Standard Charteredโ€™s tie-up is a significant addition to OKXโ€™s wide-ranging institutional digital asset services suite, including API trading capabilities, risk management tools, market maker and brokerage programs, lending, and Ethereum 2.0 staking.

Read about 21Sharesโ€™ partnership with Standard Charteredโ€™s Zodia Custody:
21Shares Taps StanChartโ€™s Firm for Crypto ETP Custody in Europe

Stay updated on Metaplanetโ€™s latest Bitcoin holdings:
Metaplanetโ€™s Bitcoin Stash Tops 1,000 BTC Following Latest Buy

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga is a crypto reporter at DailyCoin covering breaking news. Brian has minor holdings in Bitcoin and Ethereum.

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