OKX Chooses Standard Chartered as Custodian for Institutional Crypto Services

Tuesday, 29/10/2024 | 09:19 GMT by Tareq Sikder
  • A report shows rising institutional interest in digital assets, with 80% of hedge funds using custodians.
  • Recently, the exchange launched its platform for institutional and retail investors in the UAE.
okx

OKX, a cryptocurrency exchange and onchain technology company, announced today that it has selected Standard Chartered as a third-party crypto custodian for its global institutional business. Standard Chartered provides cross-border financial services connecting various markets worldwide.

Standard Chartered Joins OKX Custody

Margaret Harwood-Jones
Margaret Harwood-Jones, Source: Standard Chartered

The agreement adds to OKX's services for institutional clients, which include advanced trading tools, risk management resources, and secure custody options. OKX plans to leverage Standard Chartered's global banking experience and risk management practices to expand its custody offerings for institutional investors.

"We are committed to offering custodial services that meet the highest standards of safety and compliance,” Standard Chartered Global Head of Financing & Securities Services Margaret Harwood-Jones said.

“Serving as OKX's third-party custodian allows us to extend our expertise into the evolving cryptocurrency sector, providing institutional investors with the assurance they require."

Meanwhile, OKX has introduced its trading platform for retail and institutional investors in the United Arab Emirates after obtaining a full operating license from the UAE’s Virtual Assets Regulatory Authority, as reported by Finance Magnates.

Study Highlights Institutional Demand

Lennix Lai
Lennix Lai, OKX Global Chief Commercial Officer, Source: LinkedIn

This partnership aims to enhance institutional involvement in digital assets. It also aligns with findings in an OKX-commissioned report by Economist Impact, titled "Digital Assets as the New Alternative for Institutional Investors: Market Dynamics, Opportunities and Challenges."

The report highlights the growing appeal of digital assets for institutions and notes that 80% of hedge funds engaging in digital assets use third-party custodians, underscoring a demand for separate trade execution and asset custody.

OKX Global Chief Commercial Officer Lennix Lai said: "Standard Chartered's extensive global banking expertise and unwavering commitment to security aligns with our objective to provide exceptional crypto services and reinforces the confidence of our institutional clients in managing their digital assets."

OKX, a cryptocurrency exchange and onchain technology company, announced today that it has selected Standard Chartered as a third-party crypto custodian for its global institutional business. Standard Chartered provides cross-border financial services connecting various markets worldwide.

Standard Chartered Joins OKX Custody

Margaret Harwood-Jones
Margaret Harwood-Jones, Source: Standard Chartered

The agreement adds to OKX's services for institutional clients, which include advanced trading tools, risk management resources, and secure custody options. OKX plans to leverage Standard Chartered's global banking experience and risk management practices to expand its custody offerings for institutional investors.

"We are committed to offering custodial services that meet the highest standards of safety and compliance,” Standard Chartered Global Head of Financing & Securities Services Margaret Harwood-Jones said.

“Serving as OKX's third-party custodian allows us to extend our expertise into the evolving cryptocurrency sector, providing institutional investors with the assurance they require."

Meanwhile, OKX has introduced its trading platform for retail and institutional investors in the United Arab Emirates after obtaining a full operating license from the UAE’s Virtual Assets Regulatory Authority, as reported by Finance Magnates.

Study Highlights Institutional Demand

Lennix Lai
Lennix Lai, OKX Global Chief Commercial Officer, Source: LinkedIn

This partnership aims to enhance institutional involvement in digital assets. It also aligns with findings in an OKX-commissioned report by Economist Impact, titled "Digital Assets as the New Alternative for Institutional Investors: Market Dynamics, Opportunities and Challenges."

The report highlights the growing appeal of digital assets for institutions and notes that 80% of hedge funds engaging in digital assets use third-party custodians, underscoring a demand for separate trade execution and asset custody.

OKX Global Chief Commercial Officer Lennix Lai said: "Standard Chartered's extensive global banking expertise and unwavering commitment to security aligns with our objective to provide exceptional crypto services and reinforces the confidence of our institutional clients in managing their digital assets."

About the Author: Tareq Sikder
Tareq Sikder
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A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

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