Standard Chartered Launches Bitcoin and Ethereum Custody Services in the UAE

Standard Chartered has officially launched cryptocurrency custody services in the UAE, providing secure storage for Bitcoin (BTC) and Ethereum (ETH), the two largest digital assets by market capitalization.

Announced on September 10, the bank partnered with Brevan Howard Digital, the crypto division of hedge fund Brevan Howard, to deliver these services. This follows a memorandum of understanding signed with the Dubai International Financial Center (DIFC) in May 2023, signaling the bank’s crypto ambitions.

Licensed by the Dubai Financial Services Authority (DFSA), Standard Chartered’s service ensures secure digital asset storage. While initially focusing on BTC and ETH, the bank aims to expand its offerings to include more cryptocurrencies and extend services to global financial centers.

A Strategic Move into the Crypto Space

Bill Winters, CEO of Standard Chartered, highlighted the bank’s strong belief in the future of digital assets, stating, “Digital assets are not a temporary trend, but represent a significant shift in the financial industry.

Standard Chartered has been progressively expanding into the cryptocurrency space. On July 18, it partnered with Web3 firm Animoca Brands for a stablecoin sandbox initiative led by the Hong Kong Monetary Authority (HKMA). Following that, on August 29, the bank teamed up with Crypto.com to enable fiat deposits and withdrawals in over 90 countries, beginning with the UAE, allowing users to manage currencies such as US dollars, UAE dirhams, and euros.

UAE's Leading Role in Crypto Adoption

The UAE ranks third in Henley & Partners' 2024 Cryptocurrency Adoption Index, behind Singapore and Hong Kong, with a score of 41.8. The country excels in innovation, economic conditions, and technology. Standard Chartered's new crypto custody service enhances the UAE’s role as a hub for secure and regulated digital asset solutions. $BTC $ETH

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