Dubai, UAE, Wednesday, September 11, 2024-Standard Chartered Bank has officially launched its digital asset custody service in the United Arab Emirates(UAE), following approval from the Dubai Financial Services Authority (DFSA).
This marks a significant step for the bank as it enters the digital asset space, providing secure storage for Bitcoin and Ethereum.
The service is based at the Dubai International Financial Centre (DIFC), and the bank plans to expand it to include more digital assets in the future.
Brevan Howard Digital, the crypto division of investment management firm Brevan Howard, is the first institutional client to sign up for the service.
Standard Chartered called the launch a “pivotal moment” for both the bank and the financial industry.
The bank that digital assets represent a fundamental shift in finance, positioning the bank to serve the evolving needs of its clients.
The bank said that the offering was not limited to basic wallet services but provides a comprehensive solution addressing regulatory, risk, and security concerns.
It emphasized the growing institutional interest in digital assets and the bank’s expertise in navigating the complexities of the space.
Standard Chartered is also exploring opportunities to expand the service to other global financial hubs.
