Nikolas Sargeant
The cryptocurrency exchange OKX has forged a strategic partnership with Standard Chartered, appointing the international banking institution as a third-party crypto custodian for its institutional services. This collaboration marks a significant milestone in OKX's mission to strengthen its institutional offerings and bridge the gap between traditional finance and digital assets.
The partnership, announced on Tuesday, integrates Standard Chartered's established banking expertise with OKX's comprehensive trading infrastructure, enhancing the exchange's custody solutions for institutional clients. This move comes as institutional demand for secure digital asset management continues to grow.
Institutional Adoption Drives Custodial Innovation
According to recent research commissioned by OKX, a substantial 80% of traditional and crypto hedge funds rely on third-party custodians for their digital asset management. This trend underscores the growing importance of reliable custody solutions in the institutional crypto space.
"Standard Chartered's global banking expertise and robust security measures align perfectly with our vision to deliver exceptional crypto services," stated Lennix Lai, Global Chief Commercial Officer at OKX. "This partnership will accelerate the integration of digital assets within traditional financial frameworks while reinforcing institutional confidence in our platform."
Standard Chartered's Strategic Expansion in Digital Assets
The collaboration coincides with Standard Chartered's launch of crypto custody services in the UAE, where the bank has secured a license from the Dubai Financial Services Authority (DFSA) to operate within the Dubai International Financial Centre (DIFC). The bank has already onboarded Brevan Howard Digital as its inaugural client and currently supports Bitcoin and Ethereum custody, with plans to expand its cryptocurrency offerings.
OKX's Global Regulatory Compliance Journey
The exchange continues to strengthen its global presence through regulatory compliance. Key developments include:
- Selecting Malta as its MiCA compliance hub within the European Union
- Securing a Major Payment Institution license in Singapore
- Launching operations in Australia with spot and derivatives trading capabilities
- Establishing a crypto trading platform in the Netherlands
- Strategic withdrawal from Hong Kong's VASP licensing process
