Standard Chartered to Offer Crypto Custody for Dubai Clients and Consider Create a Crypto Settlement Network

Standard Chartered to Offer Crypto Custody for Dubai Clients and Consider Create a Crypto Settlement Network
Source: The Block

Reported by CoinDesk, Standard Chartered Bank intends to offer custody services for BTC and ETH to institutional clients in Dubai in Q1 2024. In the future, Standard Chartered Bank also plans to create a cryptocurrency settlement network to some extent, filling the gap left by the closure of Signature Bank's Signet and Silvergate Settlement Network.

Earlier this year, Standard Chartered Bank announced plans to launch digital asset custody services in the Dubai International Financial Centre (DIFC) after receiving regulatory approval. This service will be available to institutional clients worldwide and will be supported by its subsidiary, Zodia Custody.

Standard Chartered Bank executive director of innovation Waqar Chaudry said:" We have existing rails and settlement capability as well as service provision with other traditional custodians; we can service them, we can use them, they can use us,” “So that network effect will take hold pretty quickly after entities like us enter the market, rather than depending on a single bank network, unlike what recently failed institutions had built for the crypto market."

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