Key Takeaways
- Standard Chartered has launched a digital asset custody service in the UAE.
- Brevan Howard Digital is the first client of this new service.
- The service initially supports Bitcoin and Ethereum custody.
Standard Chartered has launched a digital asset custody service in the UAE, marking a key development in its digital asset strategy. The service, licensed by the Dubai Financial Services Authority (DFSA), is located within the Dubai International Financial Centre (DIFC), a prominent global financial hub. This new offering will initially support Bitcoin and Ethereum.
Bill Winters, Group Chief Executive of Standard Chartered, highlighted the importance of this launch:
We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance.
The first client, Brevan Howard Digital, expressed its support for the initiative, citing the credibility Standard Chartered brings to the growing digital asset market. The service aims to address the specific challenges of digital asset custody by providing secure, regulated solutions for institutional clients. Margaret Harwood-Jones, Global Head of Financing & Securities Services, emphasized the comprehensive nature of the offering, calling it a “game changer” for institutions looking to navigate the complexities of the digital asset space.
The bank is planning to expand the service to include more digital assets and is exploring extending these offerings to other key markets in the near future.
