UAE – Mubasher: Standard Chartered has launched its digital asset custody service in the UAE, according to a press release.
The offering has been granted a licence by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), a leading global financial hub.
The service, which followed the memorandum of understanding (MoU) signed in May 2023, enables clients to safekeep their digital assets
Brevan Howard Digital, the dedicated crypto and digital asset division of Brevan Howard, was announced as the product's inaugural client.
Bill Winters, Group Chief Executive of Standard Chartered Bank, said: “With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”
Gautam Sharma, Chief Executive Officer of Brevan Howard Digital, indicated: “The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.”
Meanwhile, the bank seeks to widen its scope in the coming months to include a wider range of digital assets. Hence, it is actively exploring opportunities to expand its custody services to other key financial hubs in its footprint markets.
