Standard Chartered plans institutional crypto custody in Singapore
The London-headquartered bank plans to offer custody services for select cryptocurrencies, stablecoins, and tokenized assets to institutional clients.
Quick Look
Standard Chartered plans to launch digital asset custody services for institutional and accredited corporate clients in Singapore, pending regulatory requirements.
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Why It Matters
Standard Chartered has been expanding its digital asset footprint across Singapore and the United Arab Emirates.
Standard Chartered announced plans to launch digital asset custody services for institutional clients in Singapore.
The London-headquartered multinational bank plans to offer custody services for select cryptocurrencies, stablecoins and tokenized real-world assets to institutional clients and corporate clients qualifying as accredited investors, subject to applicable regulatory requirements, according to a Thursday press release.
Cointelegraph asked Standard Chartered which cryptocurrencies its custody service will support but did not receive an immediate response.
Standard Chartered said Singapore’s role as a “leading financial and innovation hub” is an important part of its “global strategy.”
The planned Singapore service would broaden its custody offering. In May, the bank announced plans to consolidate its custody operations by acquiring Zodia Custody’s custody business and spin out Zodia Solutions after shareholders accepted its offer.
In the United Arab Emirates, the bank’s services cover both institutional crypto trading and fiat payment infrastructure. It launched spot Bitcoin (BTC) and Ether (ETH) trading last month, while its banking agreement with CoinMENA, signed in June, supports the exchange’s fiat on- and off-ramps, client money accounts and virtual account-based transaction management.
Open Questions
- Which specific cryptocurrencies will the custody service support?
- When will the Singapore custody service officially launch?
