Standard Chartered has launched a new digital asset custody service in the UAE following the receipt of a licence from the Dubai Financial Services Authority (DFSA), with Brevan Howard Digital (BH Digital) confirmed as the inaugural client.
The service, which enables clients to safeguard their digital assets, will initially support th two largest cryptocurrencies by capitalisation – bitcoin and ether – and marks a significant milestone in the Bank’s digital asset strategy. BH Digital is the dedicated crypto and digital asset division of hedge fund Brevan Howard.
In a press statement, Bill Winters, Group Chief Executive of Standard Chartered Bank, said: We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”
Gautam Sharma, Chief Executive Officer of Brevan Howard Digital said: “Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption. The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.”
The Bank plans to broaden its scope in the coming months to encompass a wider range of digital assets, and is actively exploring opportunities to extend its custody services to other key financial hubs in its footprint markets.
