Financial services behemoth Standard Chartered is launching a digital asset custody service in the United Arab Emirates following the approval of a license from local regulators.
According to a new press release, Standard Chartered has selected the UAE for its product launch due to the region’s well-regarded approach to digital asset regulation and adoption.
Says Bill Winters, Group Chief Executive of Standard Chartered Bank,
“The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry. We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance.
With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”
Initially, the service is set to cover Bitcoin (BTC) and Ethereum (ETH), the leading cryptos by market cap. According to the announcement, Brevan Howard Digital is the first client to utilize the new service.
Says Gautam Sharma, chief executive officer of Brevan Howard Digital,
“This is a significant win for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space add a layer of credibility that is meaningful for institutional adoption.
The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.”
Standard Chartered plans to expand its digital asset services in the coming months and is considering extending its custody offerings to other major financial centers worldwide.
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