Global bank Standard Chartered expands its institutional custody partnership with crypto exchange OKX throughout the European Economic Area.
Standard Chartered is significantly strengthening its relationship with the OKX crypto exchange. The major global banking group will now serve as OKX’s institutional custodian. This critical position has a special focus on the European Economic Area (EEA) market. This development reflects a strong institutional belief in the regulated digital asset market. Therefore, this strategic growth is an important development for European crypto markets.
Standard Chartered Deepens Crypto Ties, Reduces Institutional Risk
This new collateral mirroring program was recently launched by Standard Chartered and OKX. This new service is now offered to institutional clients within the EEA. Cryptocurrencies are physically safeguarded under Standard Chartered’s custody.
This revolutionary technology provides clients with two advantages at once. They are offered bank-grade custody with seamless access to the exchange. In the end, this integrated model assists institutions in significantly reducing counterparty risk. It also improves overall asset security for all the users involved. Moreover, clients are now able to trade with a higher degree of clarity and much higher confidence.
In addition, these valuable services are being offered to all customers in the EEA by OKX. This huge expansion is of critical importance for market development. It clearly highlights Standard Chartered’s differentiator market position. In fact, they are the first G-SIB to be collaborating directly with a major crypto exchange.
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This growth can also be seen as an indication of the increased confidence that regulators have in this particular operating model. This partnership is a very significant development for the industry. In essence, it brings digital asset markets to the maximum level of traditional finance. This gives more confidence and valuable credibility to all institutions.
Further, through this partnership, clients can trade and safeguard their digital assets across different parts of the world. The partnership is intended to make transactions on a truly global scale easy. OKX looks beyond this initiative as just a mere expansion strategy. It is the essential step to the creation of a much safer and more reliable European ecosystem.
Partnership Sets New Standard for Institutional Crypto Custody
Margaret Harwood-Jones, head at Standard Chartered, is a staunch advocate of such transition. She is the Global Head of Financing and Securities Services at Goldman Sachs. She said that this expansion uses existing custody infrastructure. Therefore, it guarantees that security and compliance are at the utmost. This fund is exclusively dedicated to institutional clients in Europe.
In essence, the partnership directly caters to the most important need for security and compliance. As a result, OKX is actively addressing the institutional demands. They are doing business in a trusted and well-regulated environment. This commitment to adherence to regulations fosters client trust.
From OKX’s point of view, this custody cooperation is very important. It fits well with their recent acquisition of a license to use the MiCA. This alignment shows that their bias towards the European market is long-term. In addition, the MiCA regulation provides long-overdue certainty and regulatory clarity.
This collaboration provides a solid building block for the operation of other companies. It introduces a new and ambitious standard for crypto custody. Overall, this partnership is contributing to the successful integration of crypto into mainstream finance.
The partnership is an effective platform for growth at present. It combines the traditional strengths of the bank with the digital expertise of OKX. As a result, the European market gets a secure and compliant trading environment. This is an obvious sign of maturity for the entire asset class. Finally, the stability of these combined efforts is expected to be much higher.
