Standard Chartered is providing custody to OKX, a cryptocurrency exchange and global on-chain technology company.
Standard Chartered is acting as third-party crypto custodian for OKX’s global institutional business.
OKX said the custody agreement with Standard Chartered is a significant addition to OKX’s suite of institutional services, which includes trading capabilities, risk management tools and custody solutions.
The crypto firm said that by leveraging Standard Chartered’s extensive global banking expertise and rigorous risk management framework, OKX aims to offer institutional investors a broader range of secure and reliable custody solutions.
OKX global chief commercial officer Lennix Lai said: “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. 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.”
Margaret Harwood-Jones, global head of financing & securities services at Standard Chartered, said: “We are committed to offering custodial services that meet the highest standards of safety and compliance. Serving as OKX’s third-party custodian allows us to extend our expertise into the evolving cryptocurrency sector, providing institutional investors with the assurance they require.”
The collaboration is expected to attract increased institutional participation in the digital asset market, the firms said, by contributing to a more mature environment for institutions globally.
OKX said the partnership also aligns with the findings of a recently published OKX-commissioned research brief authored by Economist Impact, entitled ‘Digital assets as the new alternative for institutional investors: market dynamics, opportunities and challenges’. That report highlighted that institutional investors’ view digital assets as an “inevitable institutional opportunity”.
The report also found that 80% of traditional and crypto hedge funds utilising digital assets employ third-party custodians, highlighting strong demand for segregation of duties related to trade execution and asset custody.
