Standard Chartered’s Digital Asset Custody Services
Standard Chartered, a prominent global bank headquartered in London, is gearing up to introduce digital asset custody services aimed at institutional clients in Singapore. This initiative will cater specifically to institutional investors and accredited corporate clients, enabling safekeeping for a variety of digital assets including cryptocurrencies, stablecoins, and tokenized assets, pending adherence to relevant regulatory standards, as outlined in a press release on Thursday.
Strategic Importance of Singapore
The bank emphasizes Singapore’s strategic importance as a major financial and innovation center, which plays a crucial role in its overarching global strategy. This forthcoming service will expand its existing custody capabilities, following the recent acquisition of Zodia Custody’s operations. In May, the bank’s shareholders greenlit this acquisition, including plans to pivot Zodia Solutions into a separate entity.
Global Expansion and Partnerships
In addition to its initiatives in Singapore, Standard Chartered has also established a foothold in the United Arab Emirates, where it facilitates both institutional cryptocurrency trading and infrastructure for fiat transactions. Notably, the bank entered the cryptocurrency trading space last month by offering spot trading for Bitcoin (BTC) and Ether (ETH).
Furthermore, a partnership with CoinMENA, finalized in June, allows for smooth fiat on- and off-ramp operations, along with management of client money accounts and virtual transaction management.
