- Standard Chartered has launched a new crypto service.
- The move came after the Bank launched a spot crypto trading desk.
- The new service will target select clients.
Global banking giant Standard Chartered has announced the launch of its digital asset custody services in the United Arab Emirates.
The development is a continuation of Standard Charteredโs crypto push. It came after the bank launched a Bitcoin and Ether trading desk for institutional clients in June, a move that crypto industry leaders lauded, including Binance CEO Richard Teng.
Standard Charteredโs Crypto Custody Business
In a press release on September 10, Standard Chartered said the Dubai Financial Services Authority (DFSA) had granted a license to its UAE-based crypto custody business following a memorandum of understanding (MoU) signed in May 2023.
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The service will operate within the Dubai International Financial Centre (DIFC) and initially support Bitcoin and Ether, the two top cryptocurrencies by market capitalization and usage. According to the statement, Standard Chartered has enlisted Brevan Howard Digital as the inaugural client for the service.
Bill Winters, Group Chief Executive of Standard Chartered Bank, lauded the development, noting that it represented a โpivotalโ moment for the bank and the greater financial services industry. Winters heralded crypto as a โfundamental shift in the fabric of finance.โ
โWith this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem,โ Winters stated.
The bank said it was keen on broadening its scope of custody services โin the coming monthsโ to include other digital assets and expand its footprint to other key financial hubs.
Stay updated on BBVAโs move to incorporate USDC into its crypto service:
BBVA Adds Circleโs USDC Offering to Its Crypto Service in Switzerland
Read about Deutsche Bankโs new alliance for stablecoin issuance:
Deutsche Bank Forms New Alliance for Stablecoin Issuance
