tl;dr
Cryptocurrency exchange OKX has partnered with Standard Chartered, a British bank, to have the bank operate OKX's third-party custody solutions for institutional investors. The partnership aims to set a new standard for reputable security practices in the growing market. OKX highlighted the need for...
OKX has partnered with Standard Chartered to provide third-party custody solutions for institutional investors. This partnership aims to set new security standards in the growing crypto market.
As both companies anticipate the increasing adoption of cryptocurrency by institutional investors, their strategic alignment is evident. OKX's expansion in the UAE complements Standard Chartered's key centers in Singapore and Hong Kong, reinforcing the strategic fit of their partnership.
The partnership involves OKX, a cryptocurrency exchange, partnering with Standard Chartered, a British bank, to have the bank operate OKX's third-party custody solutions for institutional investors. The goal is to establish a new standard for reputable security practices in the growing market. Emphasizing the need for trust and assurance for institutional investors, OKX mentioned that 80% of them prefer third-party custody. The press release underlined the strategic fit of the partnership as OKX recently expanded its global presence in regions where Standard Chartered operates. This collaboration is viewed as a way to influence and set standards for the growing industry sector.
According to a recent press release, crypto exchange OKX is partnering with Standard Chartered. The bank will operate OKX’s third-party custody solutions for institutional investors, with the aim of strongly influencing the market and setting a new standard for reputable security practices.
OKX, a leading cryptocurrency exchange, has announced a new partnership with British bank Standard Chartered. With Standard Chartered as the exchange's new third-party crypto custodian for institutional clients, OKX aims to introduce a new standard for security, placing a significant emphasis on trust and assurance for institutional investors.
This partnership is a strategic move for both parties, as they have been converging towards each other's orbit over the past year. With OKX foreseeing the inevitable adoption of crypto by institutional investors and Standard Chartered expanding its presence in the crypto space, the collaboration positions both companies to set industry standards.
OKX's research showing that 80% of institutional investors prefer third-party custody indicates the natural growth of third-party solutions in institutional crypto investments. While specific custody methods were not detailed, the focus remains on establishing a solid reputation.
Additionally, OKX has marked another milestone by expanding its operations in the UAE, adding to its global presence. With regulatory approval in Singapore and headquarters in Hong Kong, OKX's presence in regions key to Standard Chartered further confirms the strategic fit of their partnership.