Standard Chartered Sets Up Digital Asset Custody Services in UAE

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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