The move comes after receiving approval from the Dubai Financial Services Authority (DFSA), the financial regulator of the Dubai International Financial Centre (DIFC).
Bank Begins Crypto Custody with Bitcoin and Ethereum
The service was initially announced on May 10, 2023. This is when Standard Chartered signed a memorandum of understanding with the DIFC to expand its offerings in digital asset management. The bank partnered with Brevan Howard Digital to officially launch the service on September 10. This partnership highlights the growing collaboration between traditional financial institutions and the expanding digital asset sector.
Standard Chartered’s foray into the crypto space is part of its broader strategy to embrace the future of digital assets. Bill Winters, the bank’s group chief executive, expressed confidence in the enduring role of digital assets in the financial system. “We firmly believe that digital assets are not merely a passing trend but a fundamental shift in the fabric of finance,” Winters stated, positioning Standard Chartered as a forward-thinking player in the evolving crypto landscape.
Source: X
While the current offerings focus on BTC and ETH, the bank plans to expand its digital asset custody services to include a broader range of cryptocurrencies shortly. Additionally, Standard Chartered aims to extend its reach to other global financial hubs, reinforcing its commitment to being a leader in the digital asset ecosystem.
This launch marks another significant step for the bank in the crypto space. Earlier in 2023, Standard Chartered collaborated with Web3 firm Animoca Brands on a stablecoin project in Hong Kong and partnered with Crypto.com to provide fiat services to over 90 countries, starting with the UAE.
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