Standard Chartered to Offer Crypto Custody Services for Institutions in Singapore
The multinational banking giant Standard Chartered is preparing to provide custody solutions for digital currencies, stablecoins and tokenized real-world assets targeting institutional and qualified corporate investors in Singapore.
Standard Chartered has revealed its intentions to introduce digital asset custody solutions tailored for institutional investors operating in Singapore.
The multinational banking institution based in London intends to provide custody solutions for a curated selection of cryptocurrencies, stablecoins and real-world assets that have been tokenized, targeting institutional investors and corporate entities that meet the criteria as accredited investors, contingent upon meeting relevant regulatory standards, as stated in a press release issued on Thursday.
Cointelegraph reached out to Standard Chartered seeking clarification on which specific cryptocurrencies would be included in its custody service offerings but did not obtain an immediate reply.
Standard Chartered emphasized that Singapore's position as a "leading financial and innovation hub" plays a crucial role in its "global strategy."
The custody service being planned for Singapore would represent an expansion of its existing custody capabilities. In May, the bank revealed its intentions to consolidate its custody operations through the acquisition of Zodia Custody's custody business and the creation of Zodia Solutions as a separate entity following shareholder approval of its offer.
In the United Arab Emirates, the bank's service portfolio encompasses both institutional cryptocurrency trading capabilities and fiat payment infrastructure solutions. It initiated spot Bitcoin (BTC) and Ether (ETH) trading operations last month, while its banking partnership with CoinMENA, which was formalized in June, facilitates the exchange's fiat on- and off-ramps, client money accounts and virtual account-based transaction management.