Standard Chartered has just announced that it will launch cryptocurrency custody services in the United Arab Emirates.
The banking corporation plans to offer custody for bitcoin and ether in partnership with Brevan Howard Digital, a division of hedge fund Brevan Howard.
This news follows the initial announcement on May 10, 2023, when the bank signed a memorandum of understanding with the Dubai International Financial Centre (DIFC).
The newly announced custody service has received a license from the Dubai Financial Services Authority, the DIFC's financial regulator.
While the service will initially focus on Bitcoin and Ether, the bank intends to expand it to include a wider range of cryptocurrencies and expand its custody services to other major financial centers.