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Standard Chartered Signs MoU with DIFC to Launch Digital Asset Custody Services in Dubai

Both parties look forward to partnering on opportunities that support their visions and promote a thriving digital asset ecosystem.

Banking corporation Standard Chartered plans to launch digital asset custody services in the Dubai International Financial Centre (DIFC). While the plans are still subject to regulatory approval, Standard Chartered said the new digital asset custody services in Dubai will focus on institutional investors.

Also, one of the banking corporation subsidiaries, Zodia Custody, will power the new custody services. The institutional-grade crypto asset custodial platform recently secured approximately $36 billion in a funding round. The crypto startup noted that Japanese financial conglomerate SBI Holdings led the round with participation from SC Ventures. Following the financing, SBI Holdings has become the second-largest shareholder in Zodia Custody after Standard Chartered.

Standard Chartered to Launch Digital Asset Custody in Dubai

To execute the digital asset custody services, Standard Chartered signed a memorandum of understanding (MoU) with the DIFC. DIFC governor Essa Kazim and Standard Chartered group CEO Bill Winters signed the MoU at the Dubai Fintech Summit. Notably, the agreement is in line with Dubai’s vision to be at the forefront of the future of finance.

At the signing ceremony, the company’s CEO Bill Winters stated:

“We see digital assets as an important part of the future of financial services and we are committed to investing in the infrastructure and talent necessary to be a leader in this space. The UAE has a well-balanced approach to digital asset adoption and financial regulation, making it an ideal first market for us to launch our digital asset custody proposition.”

Additionally, both parties look forward to partnering on opportunities that support their visions and promote a thriving digital asset ecosystem, to bring benefits to Dubai and the broader economy of the United Arab Emirates.

According to Kazim, the Dubai fintech sector can accommodate innovation. He noted that the Fintech market in Dubai has emerged as a critical driver of innovation and economic growth. The DIFC governor added that the development aligns with the government’s Dubai Economic Agenda (D33), which is targeted at making the jurisdiction one of the top four financial hubs in the world. Kazim continued:

“DIFC welcome collaboration with partners such as Standard Chartered to further accelerate growth, and enable collaboration that triggers new innovation, as we continue to shape the future of finance together.”

Last month, the consumer banking corporation predicted that Bitcoin could rise as high as $100,000 by the end of 2024. The Group said in a report that the “crypto winter” has ended, and BTC was set for increases.

The factors that informed the prediction are the Federal Reserve’s aggressive hike that is about to end and the recent improvement in crypto mining operations. However, the head of digital asset research at Standard Chartered, Geoff Kendrick, noted that there could be hindrances to the projected rally.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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