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Crypto exchange OKX has chosen Standard Chartered as its third-party crypto custodian, enabling institutional clients to meet the growing demand for segregated custody solutions.
This partnership between OKX and Standard Chartered aims to strengthen crypto custody services, particularly for institutional investors who are increasingly seeking secure, segregated storage for their digital assets. In a blog announcement on October 29, OKX noted that the partnership comes as cryptocurrencies become an essential part of diversified investment portfolios. According to recent research, 80% of traditional and crypto hedge funds utilizing digital assets rely on third-party custodians, highlighting the critical need for secure, segregated custody services.
Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, emphasized that the collaboration allows the bank to extend its expertise into the evolving cryptocurrency sector, providing institutional investors with the assurance they need. She also pointed out that the partnership helps bridge the gap between traditional finance and the digital asset world, offering clients the option to separate trading from custody.
Standard Chartered’s goal with this partnership is to attract more institutional participation in the crypto space, contributing to a more mature environment for institutions globally. The timing of the partnership coincides with a growing focus on crypto from the bank, aligned with the rising market prices.
Standard Chartered’s Growing Focus on Crypto
In addition to its new role with OKX, Standard Chartered has been increasing its involvement in the crypto sector. In early August, the bank’s virtual bank Mox Bank became the first in Hong Kong to offer spot crypto exchange-traded funds (ETFs) for retail investors. These ETFs include both spot and derivative products approved under Hong Kong regulations, listed on exchanges in Hong Kong and the U.S.
Furthermore, the Hong Kong Monetary Authority (HKMA) recognized Standard Chartered as a participant in its stablecoin sandbox, allowing the bank to explore issuing digital currencies backed by fiat. The sandbox includes several other entities, such as JD.com’s subsidiary, JINGDONG Coinlink Technology Hong Kong, RD InnoTech, and a partnership involving Animoca Brands and Hong Kong Telecommunications.
