OKX, a cryptocurrency exchange and onchain technology company, announced today that it has selected Standard Chartered as a third-party crypto custodian for its global institutional business. Standard Chartered provides cross-border financial services connecting various markets worldwide.
Standard Chartered Joins OKX Custody
The agreement adds to OKX's services for institutional clients, which include advanced trading tools, risk management resources, and secure custody options. OKX plans to leverage Standard Chartered's global banking experience and risk management practices to expand its custody offerings for institutional investors.
"We are committed to offering custodial services that meet the highest standards of safety and compliance,” Standard Chartered Global Head of Financing & Securities Services Margaret Harwood-Jones said.
“Serving as OKX's third-party custodian allows us to extend our expertise into the evolving cryptocurrency sector, providing institutional investors with the assurance they require."
⚡️ BREAKING: #OKX has partnered with Standard Chartered as a third-party custodian to strengthen its services for institutional clients.#StandardChartered #Blockchain #CryptoNews pic.twitter.com/iBUTf6CckV
— Coin Edition: Your Crypto News Edge ️ (@CoinEdition) October 29, 2024
Meanwhile, OKX has introduced its trading platform for retail and institutional investors in the United Arab Emiratesafter obtaining a full operating license from the UAE’s Virtual Assets Regulatory Authority, as reported by Finance Magnates.
Study Highlights Institutional Demand
This partnership aims to enhance institutional involvement in digital assets. It also aligns with findings in an OKX-commissioned report by Economist Impact, titled "Digital Assets as the New Alternative for Institutional Investors: Market Dynamics, Opportunities and Challenges."
The report highlights the growing appeal of digital assets for institutions and notes that 80% of hedge funds engaging in digital assets use third-party custodians, underscoring a demand for separate trade executionand asset custody.
OKX Global Chief Commercial Officer Lennix Lai said: "Standard Chartered's extensive global banking expertise and unwavering commitment to security aligns with our objective to provide exceptional crypto services and reinforces the confidence of our institutional clients in managing their digital assets."
This article was written by Tareq Sikder at www.financemagnates.com.
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