Standard Chartered has actually formally introduced its digital property custody service in the UAE, according to a statement from the bank. The service has actually been accredited by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), following a memorandum of comprehending signed in May 2023.
SIMPLY IN: $800 billion Standard Chartered bank launches #Bitcoin and crypto custody service in the UAE 🇦🇪 pic.twitter.com/dlNqdVpi0J
— Bitcoin Magazine (@BitcoinMagazine) September 10, 2024
“The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry,” stated Bill Winters, Group Chief Executive of Standard Chartered. “We securely think that digital possessions are not simply a passing pattern, however an essential shift in the material of financing. With this brand-new service, we are tactically placing ourselves at the leading edge of this next advancement in the custody company. Our robust facilities, paired with our proficiency in the field permits us to offer a bridge in between the world of monetary services and the emerging digital property environment.”
The service aims to provide secure storage for digital assets, with an initial focus on supporting Bitcoin and Ethereum. The bank said it decided to launch its custody services in the UAE “due to its healthy method to digital property adoption and monetary guideline.”
Brevan Howard Digital, the crypto division of Brevan Howard, an investment management platform specializing in global macro and digital assets, has been named as the first client. According to Margaret Harwood-Jones, Global Head of Financing & Securities Services, this launch addresses the growing institutional interest in digital assets.
“After a duration of extensive work and close cooperation with regulators both regionally and worldwide, we are enjoyed invite Brevan Howard Digital as the very first customer of our digital property custody offering,” said Harwood-Jones. “Our offering exceeds basic wallet services – it is a thorough service that attends to the special difficulties of digital property custody from a regulative, danger and prudential perspective. It is a video game changer for institutional customers, as we can support them with our standard proficiency to browse the intricacies of the digital property area, without jeopardizing on the greatest requirements of security.”
Standard Chartered further stated that it plans to expand its custody services to include more digital assets and is exploring more opportunities to launch its custody services in other global financial hubs.
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