Standard Chartered has officially launched its digital asset custody service in the UAE, a announcement of the bank. The service is licensed by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), following a memorandum of understanding signed in May 2023.
JUST IN: $800 billion Standard Chartered bank launched #Bitcoin and crypto custody service in the UAE 🇦🇪 photo.twitter.com/dlNqdVpi0J
— Bitcoin Magazine (@BitcoinMagazine) September 10, 2024
“The launch of our digital asset custody offering is a pivotal moment, not only for Standard Chartered, but for the financial services industry,” said Bill Winters, Group Chief Executive of Standard Chartered. “We firmly believe that digital assets are not just a passing trend, but a fundamental shift in the financial services industry. With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody industry. Our robust infrastructure, coupled with our expertise in the field, enables us to bridge the gap between the world of financial services and the emerging digital asset ecosystem.”
The service is aimed at providing 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 balanced approach to digital asset adoption and financial regulation.”
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, the launch is in response to growing institutional interest in digital assets.
“After a period of intensive work and close collaboration with regulators both regionally and globally, we are delighted to welcome Brevan Howard Digital as the first customer of our digital asset custody offering,” said Harwood-Jones. “Our offering goes beyond simple wallet services – it is a comprehensive solution that addresses the unique challenges of digital asset custody from a regulatory, risk and prudential perspective. It is a game changer for institutional clients as we can support them with our traditional expertise to navigate the complexities of the digital asset space, without compromising the highest security standards.”
Standard Chartered further stated that it plans to expand its custody services to more digital assets and is exploring more opportunities to launch its custody services in other global financial centres.