Standard Chartered has launched a digital asset custody service in the UAE.
The bank has been granted a licence by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), a leading global financial hub, following the signing of a memorandum of understanding in May 2023.
The service will initially support the two largest cryptocurrencies by market capitalisation, Bitcoin and Ethereum.
Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, is confirmed 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.”
He says the bank plans to broaden its scope in the coming months to encompass a wider range of digital assets, and is actively exploring opportunities to extend its custody services to other key financial hubs in its footprint markets.