Standard Chartered expands cryptocurrency sector with digital asset custody services in UAE
Date
9/11/2024 6:06:32 AM
(MENAFN) Standard Chartered bank announced on Tuesday that it has launched digital asset custody services in the UAE, marking a significant step in the bank’s expansion into the cryptocurrency sector. The first client to benefit from these new services is Brevan Howard Digital, a company specializing in CryptoCurrencies and digital assets, which is associated with the British hedge fund, Brevan Howard. This move is part of Standard Chartered’s strategic approach to balancing digital asset adoption with financial regulation.
The bank highlighted that its global reputation and commitment to digital assets lend substantial credibility to its new custody services, providing reassurance to institutions like Brevan Howard Digital. Gautam Sharma, CEO of Brevan Howard Digital, emphasized the importance of Standard Chartered’s involvement in enhancing the credibility of digital asset services.
The UAE has been actively working to attract leading cryptocurrency companies, such as Binance and OKX, and to develop a regulatory framework that fosters the growth of new business ventures in the virtual asset space. Brevan Howard Digital's establishment of an office in Abu Dhabi last February, alongside other major players like Millennium Management, Exodus Point Capital Management, and BlueCrest, underscores the region's growing significance in the cryptocurrency market.
Standard Chartered joins a growing list of banks that are expanding their services to include digital assets, reflecting the increasing interest and adoption of cryptocurrencies among institutional investors.
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