OKX taps Standard Chartered as crypto custodian for institutional clients

Crypto change OKX has chosen Customary Chartered as its third-party crypto custodian, permitting institutional shoppers to fulfill rising calls for for segregated custody options.

OKX is becoming a member of forces with banking large Standard Chartered to reinforce its crypto custody companies for institutional shoppers, addressing the rising want for segregated storage of digital belongings.

In a blog announcement on Oct. 29, the crypto change famous that the partnership comes as cryptocurrencies turn out to be important elements of diversified funding portfolios. OKX highlighted that its latest analysis exhibits 80% of conventional and crypto hedge funds using digital belongings depend upon third-party custodians, underscoring the crucial want for segregated custody companies.

Margaret Harwood-Jones, world head of financing & securities companies at Customary Chartered, commented that by serving as OKX’s third-party custodian, the financial institution can “prolong our experience into the evolving cryptocurrency sector, offering institutional buyers with the reassurance they require.”

“The partnership is a part of our bigger imaginative and prescient of bridging the hole between conventional finance and the digital asset world by giving shoppers a option to separate buying and selling from custody.”

OKX

Customary Chartered goals for this collaboration to “entice elevated institutional participation” within the crypto area, contributing to a “extra mature setting for establishments globally.” The partnership comes because the financial institution intensifies its concentrate on the crypto sector, aligning with an increase in market costs.

Customary Chartered intensifies concentrate on crypto

In early August, Customary Chartered’s digital financial institution, Mox Financial institution, became the primary in Hong Kong to supply spot crypto exchange-traded funds for retail buyers. The financial institution’s choices embrace a variety of crypto ETFs accepted below Hong Kong rules, encompassing each spot and spinoff merchandise listed on exchanges in Hong Kong and the U.S.

Moreover, the Hong Kong Financial Authority also recognized Customary Chartered as a participant in its stablecoin sandbox, permitting the financial institution to discover the issuance of digital currencies backed by fiat. Alongside Customary Chartered, the HKMA’s sandbox contains a number of different entities, equivalent to JD.com’s subsidiary JINGDONG Coinlink Expertise Hong Kong, RD InnoTech, and a partnership involving Animoca Manufacturers and Hong Kong Telecommunications.