- Standard Chartered launched a secure custody service for Bitcoin and Ethereum in the UAE.
- The service supports institutional clients with regulated digital asset storage solutions.
- Brevan Howard Digital becomes the first client of Standard Chartered’s new custody offering.
Global banking giant, Standard Chartered has now announced the launch of its digital asset custody service in the United Arab Emirates (UAE). The decision comes after receiving the required license from the Dubai Financial Services Authority (DFSA) and can be considered as the next step in the bank’s digital asset business development. The service will be established in the Dubai International Financial Centre (DIFC) which is one of the world’s leading financial centres.
As reported on Tuesday, this new service enables institutional investors to safely keep cryptocurrencies like Bitcoin and Ethereum and meet the increasing need for safe and regulated storage services in the digital market. Bank opted for UAE as its launch market due to the proper balance the country has created for blockchain and cryptocurrencies.
Howard Partners With Standard Chartered
Brevan Howard Digital, a subsidiary of the global investment firm Brevan Howard, has been revealed as Standard Chartered’s first client for the custody service. This partnership also emphasizes the increasing trend of institutions’ involvement in the digital asset market and the imperative of providing effective solutions for the associated challenges of risk, regulation, and security.
During the launch, the Group Chief Executive of Standard Chartered Bank, Bill Winters, said that the bank is fully aware of the potential that digital assets have for the future. Winters added,
“The Launch Of Our Digital Asset Custody Offering Represents A Pivotal Moment Not Just For Standard Chartered, But For The Financial Services Industry.”
Standard Chartered’s Custody Service
According to Margaret Harwood-Jones, Global Head of Financing & Securities Services at platform, the new custody service will help institutions manage their assets in the digital asset market. She said that the launch is “a game changer” for institutional investors, especially those who want to have protection and regulation in their digital asset investments..
Gautam Sharma, CEO of Brevan Howard Digital, described the partnership with Standard Chartered as the significant step for the UAE and the overall digital asset industry. He also noted that another factor that contributed to the institutional adoption of digital assets is the bank’s credibility.
In the future, Standard Chartered intends to expand its crypto services from Bitcoin and Ethereum to other digital assets with the view of providing the service in other global financial centers. This move adds to the bank’s strategy to be at the leading edge of the digital asset ecosystem and to provide a robust suite of services to the institutional investors.
