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Standard Chartered is set to launch a crypto custody service in the United Arab Emirates (UAE).
The move comes as the bank has been granted a license by the Dubai Financial Services Authority (DFSA) following the signing of a memorandum of understanding in May 2023.
Bitcoin and Ethereum will be offered through the service but the bank plans to add more cryptocurrencies in time.
Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, has partnered with Standard Chartered to facilitate the service and as the inaugural client for the product.
Bill Winters, group chief executive of Standard Chartered Bank says: “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.”
Margaret Harwood-Jones, global head of financing and securities services at Standard Chartered, described the new service as a "game changer" for institutional clients, combining traditional expertise with robust security standards to help them navigate the complexities of the digital asset space.
“This is a significant win for the UAE and the wider digital asset industry,” says Gautam Sharma, CEO of Brevan Howard Digital. “Standard Chartered’s global reputation and demonstrated commitment to this space adds 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.”
The bank has been making an active push into the crypto space. In June, Standard Chartered announced plans to launch a London-based spot cryptocurrency trading desk, which will be part of its FX trading unit.
With a strong presence in Asia, Africa, and the Middle East, Standard Chartered aims to capitalize on the growing demand for cryptocurrency services. The decision comes amidst a broader trend where financial institutions are increasingly integrating digital assets into their offerings.
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