Standard Chartered has launched a digital asset custody service in the UAE after receiving a license from the Dubai Financial Services Authority. This service allows clients to safekeep their digital assets, starting with support for Bitcoin and Ethereum. The launch of this service marks a significant milestone for the bank’s digital asset strategy. Brevan Howard Digital has been announced as the inaugural client for the product.
Bill Winters, the group chief executive of Standard Chartered Bank, emphasized the importance of this digital asset custody offering in the financial services industry. He believes that digital assets are not just a passing trend but a fundamental shift in finance. The bank’s expertise and infrastructure position them at the forefront of the evolving custody business, bridging the gap between traditional financial services and the digital asset ecosystem.
Margaret Harwood-Jones, global head of financing & securities services, highlighted the collaborative efforts with regulators to secure the digital asset custody service. She expressed excitement about welcoming Brevan Howard Digital as the first client, signaling a growing institutional interest in digital assets. The comprehensive solution addresses the unique challenges of digital asset custody, providing secure and regulated solutions for institutional clients.
Gautam Sharma, chief executive officer of Brevan Howard Digital, praised Standard Chartered’s global reputation and commitment to the digital asset space. He sees this partnership as a significant win for the UAE and the digital asset industry, adding credibility to institutional adoption. The development of institutional infrastructure within the region supports the ongoing efforts to improve standards in the digital asset ecosystem.
Standard Chartered plans to expand its digital asset custody services to include a broader range of digital assets in the future. They are also exploring opportunities to extend their custody services to other key financial hubs in their footprint markets. This move reflects the bank’s commitment to staying at the forefront of the evolving digital asset landscape and providing top-notch services to institutional clients.
