OKX Appoints Standard Chartered as Custodian to Strengthen Institutional Crypto Services

OKX Appoints Standard Chartered as Custodian to Strengthen Institutional Crypto Services
OKX Appoints Standard Chartered as Custodian to Strengthen Institutional Crypto Services

Crypto exchange OKX has announced a new partnership with Standard Chartered, designating the banking giant as a third-party crypto custodian for institutional investors. This collaboration enhances OKX’s suite of services, which includes advanced trading and risk management tools, to meet the needs of institutional clients looking for secure asset management options. The integration is expected to boost the security and reliability of OKX’s custodial offerings, as stated in an announcement on Tuesday.

OKX’s Global Chief Commercial Officer, Lennix Lai, noted, “We selected Standard Chartered as an institutional custodian partner to accelerate the integration of digital assets within the traditional financial ecosystem. Standard Chartered’s global expertise and commitment to security align with our objective to deliver exceptional crypto services for our institutional clients.”

This partnership reflects a growing trend among traditional and crypto hedge funds. According to a recent OKX study, around 80% of these funds use third-party custodians to manage digital assets. The collaboration comes as Standard Chartered expands its crypto custody services into the UAE, recently launching operations within Dubai’s DIFC (Dubai International Financial Centre). Initially supporting Bitcoin and Ethereum, Standard Chartered has plans to onboard more assets and pursue opportunities in additional financial hubs.

OKX’s Expansion Strategy: Malta MiCA Hub and MPI License in Singapore

OKX has also designated Malta as its Markets in Crypto-Assets (MiCA) compliance hub within the European Union, citing the island’s progressive regulatory approach and existing infrastructure. Additionally, OKX recently obtained a Major Payment Institution (MPI) license in Singapore, allowing it to exceed typical transaction limits and provide diverse financial services. The exchange has also expanded into Australia, offering spot and derivatives trading, while launching crypto trading and Web3 wallet services in the Netherlands.

Despite its global expansion, OKX withdrew its VASP license application in Hong Kong, ending its services there.

For more insights on crypto developments and global blockchain trends, visit CentBit.Online – Crypto & Blockchain Expert Bangladesh.

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