A Cryptocurrency Aggregator

Standard Chartered Launches Bitcoin and Ethereum Custody Service in UAE

This image may contain a mix of materials, including potentially AI-generated content. Note that any glitches present are inherent to the AI generation process and may not have been completely modified. These glitches do not imply any meaning.

In a significant move, Standard Chartered, a British multinational bank, has launched a digital asset custody service in the United Arab Emirates (UAE). The service, which has been approved by the Dubai Financial Services Authority (DFSA), will allow UAE customers to access Bitcoin and Ethereum through the bank’s custody solution.

Institutional Push into Blockchain Market

The launch of Standard Chartered’s custody service marks a significant milestone in the institutional push into the blockchain market. The bank’s decision to offer a regulated custody solution for digital assets is expected to attract a wave of institutional customers in the UAE, who have been hesitant to enter the market due to concerns about security and regulatory compliance.

Brevan Howard Digital First Client

Brevan Howard Digital, a $20 billion investment manager, has been confirmed as Standard Chartered’s first client to use the UAE-based crypto product. The partnership is a significant endorsement of the bank’s custody service and highlights the growing interest in digital assets among institutional investors.

Expansion Plans

Standard Chartered plans to expand its custody service beyond Bitcoin and Ethereum to include other digital assets, pending regulatory approval. The bank also hopes to extend its service to other countries, leveraging its global network to provide a seamless and secure custody solution for institutional clients.

Regulatory Compliance

The launch of Standard Chartered’s custody service is the result of over a year of collaboration with UAE regulators to achieve regulatory compliance and build infrastructure. The bank’s commitment to regulatory compliance is expected to provide a high level of comfort for institutional clients, who are increasingly seeking regulated solutions for their digital asset investments.

Market Impact

The launch of Standard Chartered’s custody service is expected to have a significant impact on the UAE’s crypto market, which has been growing rapidly in recent years. The service is expected to attract a wave of institutional investors, who will be able to access digital assets through a regulated and secure platform.

Quotes from Standard Chartered Executives

Bill Winters, Group CEO of Standard Chartered Bank, commented on the launch of the custody service, saying: “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 just a passing fad, but a fundamental shift in the fabric of finance.”

Margaret Harwood-Jones, Global Head of Financing and Securities, added: “After a period of intensive work and close collaboration with regulators both locally and globally…this announcement demonstrates the increasing institutional interest in digital assets and the serious need for robust, regulated custody solutions.”

Ethereum Price Predictions

The launch of Standard Chartered’s custody service is expected to have a positive impact on the price of Ethereum, which has been trading in a range-bound market in recent weeks. As institutional investors increasingly seek to access digital assets through regulated platforms, the demand for Ethereum is expected to increase, driving up the price.

Conclusion

The launch of Standard Chartered’s custody service marks a significant milestone in the institutional push into the blockchain market. The service is expected to attract a wave of institutional investors in the UAE, who will be able to access digital assets through a regulated and secure platform. As the market continues to evolve, it is likely that we will see more banks and financial institutions launching similar services, further increasing the adoption of digital assets among institutional investors.

Disclaimer

Readers are encouraged to conduct their own research and consult with a financial professional before making any investment decisions based on this content.

Disclaimer
Readers are encouraged to conduct their own research and consult with a financial professional before making any investment decisions based on this content.

Bitcoin’s NVT Golden Cross Suggests $93,000 is Just a Stepping Stone, Not the Top

Bitcoin’s NVT Golden Cross Suggests $93,000 is Just a Stepping Stone, Not the Top

The Bitcoin (BTC) Network Cost to Transaction (NVT) golden harmful suggests that the cryptocurrency’s recent surge previous $93,000 might maybe now not sign the tip of this cycle. BeInCrypto observed this after inspecting the recent converse of the metric. At press time, BTC trades at  $90,893. Here is why this shrimp drawdown might maybe now

FullAccess Membership Required

You must be a FullAccess member to access this content.

Join Now

Already a member? Log in here
Franklin Templeton Expands Tokenized Money Market Fund to Ethereum Blockchain, Boosting Liquidity and Accessibility

Franklin Templeton Expands Tokenized Money Market Fund to Ethereum Blockchain, Boosting Liquidity and Accessibility

Franklin Templeton’s OnChain U.S. Executive Money Market Fund (FOBXX) has expanded to Ethereum, the arena’s second-largest blockchain by market cap. FOBXX launched as the arena’s first tokenised money market fund in 2021 on the Stellar blockchain and has beforehand expanded to the Avalanche, Grisly and Aptos networks. FOBXX is currently the third-largest tokenised money market