Standard Chartered plans institutional crypto custody in Singapore

What happened

Standard Chartered announced plans to launch digital asset custody services for institutional clients in Singapore. Cointelegraph asked Standard Chartered which cryptocurrencies its custody service will support but did not receive an immediate response.

In May, the bank announced plans to consolidate its custody operations by acquiring Zodia Custody’s custody business and spin out Zodia Solutions after shareholders accepted its offer. Standard Chartered plans custody for cryptocurrencies, stablecoins (a digital token meant to hold a fixed value, usually one dollar) and tokenized (representing an asset as a tradable entry on a blockchain) assets for institutional and eligible corporate clients in Singapore.

The bank said the service would extend its existing crypto custody footprint in the UAE, Luxembourg, and Hong Kong. The London-headquartered multinational bank plans to offer custody services for select cryptocurrencies, stablecoins and tokenized real-world assets to institutional clients and corporate clients qualifying as accredited investors, subject to applicable regulatory requirements, according to a Thursday press release .

Standard Chartered said Singapore’s role as a “leading financial and innovation hub” is an important part of its “global strategy.” The planned Singapore service would broaden its custody offering. Readers are encouraged to verify information independently.

Key facts

• Standard Chartered — announced: plans to launch digital asset custody services for institutional clients in Singapore
• In May, the bank — announced: plans to consolidate its custody operations by acquiring Zodia Custody’s custody business and spin out Zodia Solutions after shareholders accepted its offer