bitcoin

Standard Chartered Launches Digital Asset Custody Service in UAE

The Big Whale

11 Sep 2024 — 1 min read

Standard Chartered launches digital asset custody service in UAE, licensed by DFSA.
Initial focus on Bitcoin and Ethereum, plans to expand to more digital assets.
Brevan Howard Digital named as first client, addressing institutional interest in digital assets.
Service provides secure storage and comprehensive solution for regulatory challenges.
Standard Chartered aims to position itself at forefront of digital asset custody business.
UAE ranks third in crypto adoption, with high scores in economic factors and innovation.

Summary :
Standard Chartered has launched its digital asset custody service in the UAE, after receiving a license from the Dubai Financial Services Authority. The service will initially focus on Bitcoin and Ethereum and aims to provide secure storage for digital assets. Brevan Howard Digital, the crypto division of Brevan Howard, has been named as the first client. Standard Chartered plans to expand its custody services to include more digital assets and explore opportunities to launch in other global financial hubs. The move reflects the bank's belief in the long-term potential of digital assets and its commitment to serving institutional clients in the emerging digital asset ecosystem.

Sources :

- Bitcoinmagazine
- CoinTelegraph

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