Standard Chartered Launches Digital Asset Custody Services in the UAE

Standard Chartered, a leading international bank, has announced the launch of its digital asset custody services in the United Arab Emirates (UAE). The move underscores the growing institutional adoption of cryptocurrencies and the increasing demand for secure and regulated custody solutions.

The bank, which specializes in emerging markets, chose the UAE as its launchpad for this new offering due to the country’s “well-balanced approach to digital asset adoption and financial regulation.” The UAE has been actively courting major cryptocurrency firms and hedge funds, seeking to position itself as a hub for the digital asset industry within the increasingly competitive Gulf region.

Brevan Howard Digital, the crypto and digital asset division of renowned British hedge fund Brevan Howard, will be the inaugural client for Standard Chartered’s custody services. “Standard Chartered’s global reputation and commitment to the digital asset space brings a level of credibility that is vital for institutional adoption,” said Gautam Sharma, CEO of Brevan Howard Digital.

Standard Chartered’s move into digital asset custody aligns with a broader trend among traditional financial institutions expanding their services to cater to the growing demand from institutional investors seeking exposure to cryptocurrencies. The bank is also a backer of Zodia Markets and Zodia Custody, two crypto-focused firms that offer a range of services, including trading and custody solutions.

Key Takeaways:

• Standard Chartered has launched digital asset custody services in the UAE, targeting institutional investors.
• The UAE was chosen due to its progressive approach to digital asset adoption and financial regulation.
• Brevan Howard Digital will be the first client to utilize these custody services.
• The move highlights the growing institutional adoption of cryptocurrencies and the increasing demand for secure and regulated custody solutions.

Standard Chartered’s entry into the digital asset custody market in the UAE signifies the growing maturity and acceptance of cryptocurrencies within the financial industry. As more institutional investors seek to allocate capital to digital assets, the demand for robust and regulated custody services is likely to surge, paving the wImproved Article

eek to allocate capital to digital assets, the demand for robust and regulated custody services is likely to surge, paving the way for further innovation and expansion within the digital asset ecosystem.ay for further innovation and expansion within the digital asset ecosystem.