Financial institution Standard Chartered enters into a new cryptocurrency banking collaboration with FalconX.
Standard Chartered Embraces Digital Assets: A Strategic Focus on Crypto and Stablecoins
Standard Chartered, the international banking group, is making significant strides in the world of cryptocurrency and digital assets. The bank's strategic focus on regulated digital asset services and stablecoins is evident in a series of recent developments.
One key move is the launch of Zodia Custody, a crypto custody firm, and Zodia Markets, a digital assets trading service for institutional clients. Zodia Markets is particularly focused on addressing challenges faced by APAC investors trading US securities, and is exploring stablecoin-based solutions for cross-border FX payments.
Standard Chartered's collaboration with Singapore's StraitsX on stablecoin services further strengthens its position in the digital assets space. The bank has also formed a relationship with stablecoin issuer Paxos for cash management and custody services.
In terms of partnerships, Standard Chartered has teamed up with crypto prime broker FalconX. Matt Long, General Manager of FalconX, stated that this relationship strengthens their ability to deliver robust banking and FX solutions to clients in the crypto markets. The partnership enhances FalconX's institutional offerings, improving cross-border settlement capabilities.
It's worth noting that while Standard Chartered was not a direct investor in FalconX, it did invest in Metaco, a crypto custody technology firm later acquired by Ripple. Standard Chartered has also partnered with cryptocurrency exchange OKX for institutional custody solutions.
Standard Chartered's strategic investments extend to independent crypto-focused companies like Zodia Custody, Zodia Markets, and the tokenized fund platform Libeara. The bank also holds investments in institutional blockchain platforms such as Europe’s SWIAT for tokenized assets and Singapore-based Partior for cross-border payments.
The bank has also launched a tokenized dollar stablecoin platform designed for emerging markets, aiming to accelerate central bank digital currency (CBDC) discussions particularly across Asia and Africa. Additionally, Standard Chartered has formed a partnership to pursue a stablecoin issuance license in Hong Kong, representing one of the first major bank moves under Hong Kong's freshly established digital asset regulation.
In conclusion, Standard Chartered is positioning itself as a pioneer among global systemically important banks by offering regulated and scalable digital asset services, engaging in strategic partnerships across the crypto ecosystem, and investing in infrastructural projects and platforms that bridge traditional finance with digital assets.
- Standard Chartered's strategic focus on stablecoins is exemplified in the launch of Zodia Custody and Zodia Markets, which are exploring stablecoin-based solutions for cross-border FX payments.
- The bank's investments extend to independent crypto-focused companies like Zodia Custody, Zodia Markets, and the tokenized fund platform Libeara, as well as institutional blockchain platforms such as SWIAT and Partior.
- Standard Chartered is engaging in strategic partnerships across the finance, technology, and crypto sectors, including FalconX, StraitsX, Paxos, OKX, and its pursuit of a stablecoin issuance license in Hong Kong.
