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Standard Chartered Debuts Bitcoin and Ether Custody Services in the UAE

Standard Chartered Debuts Bitcoin and Ether Custody Services in the UAE

DailycoinDailycoin2024/09/10 17:33
By:Dailycoin
  • 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 Chartered’s 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 Chartered’s 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.

Sponsored

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 “pivotal” moment for the bank and the greater financial services industry. Winters heralded crypto as a “fundamental shift in the fabric of finance.”

“With 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,” Winters stated.

The bank said it was keen on broadening its scope of custody services “in the coming months” to include other digital assets and expand its footprint to other key financial hubs.

Stay updated on BBVA’s move to incorporate USDC into its crypto service:
BBVA Adds Circle’s USDC Offering to Its Crypto Service in Switzerland

Read about Deutsche Bank’s new alliance for stablecoin issuance:
Deutsche Bank Forms New Alliance for Stablecoin Issuance

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