This launch follows the bank’s collaboration with Brevan Howard Digital, the cryptocurrency arm of hedge fund Brevan Howard. The partnership was first announced on May 10, 2023, when Standard Chartered signed a memorandum of understanding with the Dubai International Financial Centre (DIFC). The custody services have now been licensed by the Dubai Financial Services Authority (DFSA), the regulator for the DIFC.
Although the service begins with BTC and ETH, the bank has plans to expand its offerings to include a broader range of digital assets. Furthermore, Standard Chartered aims to extend its custody services to other global financial hubs.
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Continued Expansion into Crypto
Standard Chartered’s group chief executive, Bill Winters, highlighted the bank’s commitment to digital assets, stating that digital assets are not just a temporary trend but a “fundamental shift” in finance.
The move is part of the bank’s ongoing push into the cryptocurrency space. In July, Standard Chartered partnered with Web3 firm Animoca Brands to engage in a stablecoin sandbox led by the Hong Kong Monetary Authority. More recently, in August, the bank teamed up with exchange Crypto.com to offer fiat services to over 90 countries, starting with the UAE.
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The UAE: A Hub for Crypto Adoption
The UAE continues to lead in global crypto adoption. A recent study by consultancy firm Henley & Partners ranked the UAE third in the Henley Crypto Adoption Index 2024, just behind Singapore and Hong Kong. The UAE scored high across multiple factors, including economic conditions and technological innovation, cementing its position as a key player in the digital asset space.
Credit: Cointelegraph
