Standard Chartered Bank Launches Bitcoin and Crypto Custody Service in UAE

Standard Chartered has officially launched its integer plus custody work successful the UAE, according to an announcement from the bank. The work has been licensed by the Dubai Financial Services Authority (DFSA) wrong the Dubai International Financial Centre (DIFC), pursuing a memorandum of knowing signed successful May 2023.

"The motorboat of our integer plus custody offering represents a pivotal infinitesimal not conscionable for Standard Chartered, but for the fiscal services industry," said Bill Winters, Group Chief Executive of Standard Chartered. “We firmly judge that integer assets are not simply a passing trend, but a cardinal displacement successful the cloth of finance. With this caller service, we are strategically positioning ourselves astatine the forefront of this adjacent improvement successful the custody business. Our robust infrastructure, coupled with our expertise successful the tract allows america to supply a span betwixt the satellite of fiscal services and the emerging integer plus ecosystem."

The work aims to supply unafraid retention for integer assets, with an archetypal absorption connected supporting Bitcoin and Ethereum. The slope said it decided to motorboat its custody services successful the UAE "due to its well-balanced attack to integer plus adoption and fiscal regulation."

Brevan Howard Digital, the crypto part of Brevan Howard, an concern absorption platform specializing in planetary macro and integer assets, has been named arsenic the archetypal client. According to Margaret Harwood-Jones, Global Head of Financing & Securities Services, this motorboat addresses the increasing organization involvement successful integer assets. 

"After a play of intensive enactment and adjacent collaboration with regulators some regionally and globally, we are thrilled to invited Brevan Howard Digital arsenic the archetypal lawsuit of our integer plus custody offering," said Harwood-Jones. "Our offering goes beyond elemental wallet services – it is simply a broad solution that addresses the unsocial challenges of integer plus custody from a regulatory, hazard and prudential constituent of view. It is simply a crippled changer for organization clients, arsenic we tin enactment them with our accepted expertise to navigate the complexities of the integer plus space, without compromising connected the highest standards of security."

Standard Chartered further stated that it plans to grow its custody services to see much integer assets and is exploring much opportunities to launch its custody services in different planetary fiscal hubs.