Standard Chartered plans institutional crypto custody in Singapore

Standard Chartered, a London-based multinational bank, is planning to introduce institutional crypto custody services in Singapore. The bank aims to provide custody for select cryptocurrencies, stablecoins, and tokenized real-world assets to eligible corporate clients, including those deemed accredited investors. This move is contingent upon meeting necessary regulatory requirements, according to a press release issued on Thursday.

Cointelegraph inquired about the specific cryptocurrencies that would be supported by Standard Chartered's custody service, but received no immediate response. The bank highlighted Singapore's status as a "leading financial and innovation hub" as a key component of its "global strategy." By offering this service in Singapore, Standard Chartered intends to expand its existing custody offerings.

In May, Standard Chartered announced plans to consolidate its custody operations by acquiring Zodia Custody's custody business and subsequently spinning off Zodia Solutions following shareholders' approval of the offer. In the United Arab Emirates, the bank provides services for both institutional crypto trading and fiat payment infrastructure.

Earlier this month, Standard Chartered launched spot Bitcoin (BTC) and Ether (ETH) trading on its platform. Additionally, the bank signed a banking agreement with CoinMENA in June, facilitating the exchange's fiat on- and off-ramps, client money accounts, and virtual account-based transaction management.