Standard Chartered announced today (Tuesday) that it has started offering digital asset custody services in the United Arab Emirates. Brevan Howard Digital, the digital asset division of the British hedge fund, is the first client to use these services.
Bank Chooses UAE for Launch
The bank said it chose the UAE for this launch due to the country's balanced approach to digital asset adoption and financial regulation. The UAE has been actively working to attract major crypto firms, including Binance and OKX. It is also developing regulations for virtual assets to boost economic competition in the Gulf region.
“Standard Chartered's global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption,” Brevan Howard Digital's CEO Gautam Sharma said in a joint statement.
Standard Chartered shakes up #crypto world with new Custody Services in UAE ???????? #cryptocurrency #cryptonews
— MEME.nto (@MEME_nto_crypto) September 10, 2024
Meanwhile, Standard Chartered has announced an investment in United Fintech Group Limited, a London-based company specializing in digital transformation for financial markets, as reported by Finance Magnates.
The investment is part of Standard Chartered’s strategy to acquire and partner with fintech firms, creating a comprehensive technology platform for capital markets. This platform aims to drive innovation and collaboration among technology providers to support banks, hedge funds, and asset managers.
UAE Attracts Hedge Funds
In addition to crypto firms, the UAE has attracted significant hedge funds. Brevan Howard opened an office in Abu Dhabi in February last year. Other hedge funds such as Millennium Management, ExodusPoint Capital Management, and BlueCrest have also established a presence in the UAE.
Standard Chartered is expanding its involvement in the crypto sector as institutional investors increasingly adopt digital assets. The bank supports two crypto firms, Zodia Markets and Zodia Custody, which offer a range of services including custody and trading.
This article was written by Tareq Sikder at www.financemagnates.com.
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