Both parties look forward to partnering on opportunities that support their visions and foster a thriving digital asset ecosystem.
Standard Chartered Banking is planning to launch digital asset custody services in the Dubai International Financial Center (DIFC). While the plans are still subject to regulatory approval, Standard Chartered said the new digital asset custody services in Dubai will focus on institutional investors.
Also, a subsidiary of the banking institution, Zodia Custody, will operate the new custodial services. The institutional-grade crypto-asset custody platform recently secured nearly $36 billion in a funding round. The crypto startup noted that Japanese financial group SBI Holdings led the round with participation from SC Ventures. After financing, SBI Holdings is now the second largest shareholder in Zodia Custody after Standard Chartered.
Standard Chartered launches digital asset custodian in Dubai
To implement digital asset custody services, Standard Chartered has signed a Memorandum of Understanding with the Dubai International Financial Centre. The MoU was signed by Essa Kazim, Governor of the Dubai International Financial Center and Bill Winters, CEO of Standard Chartered Group, at the Dubai FinTech Summit. It is worth noting that the agreement is in line with Dubai’s vision to be at the forefront of the future of finance.
At the signing ceremony, company CEO Bill Winters advertiser:
“We see digital assets as an important part of the future of financial services and we are committed to investing in the infrastructure and talent needed to be a leader in this space. The UAE has a balanced approach to digital asset adoption and financial regulation, making it the ideal first market for us to launch our asset custody offering digital.”
In addition, both parties look forward to partnering on opportunities that support their visions and foster a thriving digital asset ecosystem, to bring benefits to Dubai and the wider UAE economy.
According to Kazim, Dubai’s fintech sector can absorb innovation. He noted that the Fintech market in Dubai has emerged as a major driver of innovation and economic growth. The DIFC Governor added that the development is in line with the Dubai Economic Agenda (D33), which aims to make the jurisdiction one of the top four financial centers in the world. Kazem continued:
“DIFC welcomes collaboration with partners such as Standard Chartered to further accelerate growth and enable collaboration that unlocks new innovations, as we continue to shape the future of finance together.”
Last month, the consumer banking firm predicted that bitcoin would rise to $100,000 by the end of 2024. The group said in a report that the “crypto winter” is over, and that bitcoin is on the cusp of increases.
The factors that led to the prediction are the strong rally of the Federal Reserve which is about to end and the recent improvement in cryptocurrency mining operations. However, Standard Chartered’s head of digital asset research, Jeff Kendrick, noted that there could be hurdles to the expected rally.
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Ibukun is a crypto/financial writer interested in passing on relevant information, using uncomplicated words to reach all types of audiences. Apart from writing, she loves watching movies, cooking, and exploring restaurants in the city of Lagos where she is staying.