Standard Chartered has started offering digital asset custody services in the United Arab Emirates, focusing first on Bitcoin and Ethereum.The bank received approval from the Dubai Financial Services Authority (DFSA) and is now operating out of the Dubai International Financial Centre (DIFC), a key global financial hub.
Cryptocurrency custody services function as secure storage for digital currencies. They help individuals and businesses keep their digital money safe, much like a bank safeguards cash.
These services ensure that cryptocurrencies like Bitcoin or Ethereum are protected from theft or loss and often include additional security measures and insurance.
They are particularly useful for managing large amounts of digital money and for those who want to ensure their assets are secure and well-managed.
Standard Chartered is an international bank offering financial services such as banking, investments, and wealth management. Founded in 1853 and based in the UK, it operates in many countries, especially in Asia, Africa, and the Middle East.
The bank assists both individuals and businesses in managing their finances. For individuals, this includes services such as savings accounts and loans. For businesses, it offers financing and investment advice. Recently, Standard Chartered has begun offering secure storage for cryptocurrencies like Bitcoin and Ethereum.
The bank announced that Brevan Howard Digital is the first client to use this new service. “Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, is confirmed as the inaugural client for the product,” the report stated.
CEO: Digital assets will transform finance
the finance industry. He emphasized that digital assets represent a fundamental change in finance, not just a passing trend.
The bank aims to lead in this innovative area of financial services by leveraging its robust infrastructure and expertise to bridge traditional finance with the burgeoning world of digital assets.
Margaret Harwood-Jones, head of Financing & Securities Services, expressed excitement about having Brevan Howard Digital as their first client.
She highlighted that this service is a major advancement in securely handling digital assets, and addressing various regulatory and security challenges. It offers more than a simple wallet and will help major clients manage digital assets safely.
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Gautam Sharma, CEO of Brevan Howard Digital, lauded this development as a significant achievement for both the UAE and the digital asset industry. He noted that Standard Chartered’s strong global reputation and dedication to digital assets make it a trusted partner, poised to elevate standards in the digital asset sector.
Standard Chartered and crypto
In recent years, the bank has made significant strides in the cryptocurrency and digital asset space. It launched a spot crypto trading desk, allowing clients to trade digital assets directly with the bank.
The bank also began issuing Ether exchange-traded funds (ETFs), offering investors exposure to the second-largest cryptocurrency. It has participated in trials of China’s central bank digital currency, the digital yuan, showcasing its commitment to exploring new digital currencies.
Additionally, the bank released a tokenization platform in Singapore, enabling the issuance and trading of digital assets on a blockchain-based infrastructure. In Hong Kong, through its joint venture Zodia Custody, it has introduced crypto custody services.
