Standard Chartered plans crypto custody service in Singapore
Standard Chartered plans to offer custody for selected cryptocurrencies, stablecoins and tokenized real-world assets to institutions and accredited corporate clients in Singapore.
Standard Chartered plans to launch digital asset custody services in Singapore for institutional clients and corporate clients that qualify as accredited investors. The offering will be subject to applicable regulatory requirements.
The service is expected to cover selected cryptocurrencies, stablecoins and tokenized real-world assets. The bank has not disclosed which assets will be supported or when the service will launch.
In a Thursday press release, the London-based bank described Singapore as a leading financial and innovation hub that forms part of its global strategy. The planned service will expand its existing digital asset custody operations and provide storage and administration for institutional clients.
In May, Standard Chartered announced plans to acquire the custody business of Zodia Custody and spin out Zodia Solutions after shareholders approved the offer. The transaction is intended to consolidate the bank’s custody operations.
In the United Arab Emirates, Standard Chartered provides institutional cryptocurrency trading and fiat payment infrastructure. It launched spot trading for Bitcoin and Ether there last month.
A banking agreement with crypto exchange CoinMENA, signed in June, supports fiat deposits and withdrawals, client money accounts and transaction management through virtual accounts.
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