Today Seychelles-based OKX, the fourth largest cryptocurrency exchange, announced it selected Standard Chartered as its third party crypto custodian for institutional clients. The bank unveiled its digital asset custody offering in the UAE last month.
This may be the first time that a systemically important bank (G-SIB) has directly provided crypto custody for a major crypto exchange. OKX says it believes this will enhance institutional engagement in digital assets. Standard Chartered also founded a standalone crypto custody firm Zodia Custody, in collaboration with Northern Trust. Japan’s SBI and Australia’s NAB are also Zodia Custody investors.
“We selected Standard Chartered as an institutional custodian partner to enhance our offering and accelerate the integration of digital assets within the traditional financial ecosystem,” said OKX Global Chief Commercial Officer Lennix Lai.” 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.”
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