tl;dr
Standard Chartered is partnering with digital assets prime brokerage FalconX to enhance crypto services for institutional investors. FalconX will use Standard Chartered's banking and foreign exchange infrastructure to improve access to digital assets, initially focusing on Singapore before expanding...
Standard Chartered is joining forces with digital assets prime brokerage FalconX to enhance crypto services tailored for institutional investors.
FalconX will leverage Standard Chartered's robust banking and foreign exchange infrastructure to streamline access to digital assets.
The partnership kicks off in Singapore and plans to expand throughout Asia, the Middle East, and the U.S.
This collaboration marks FalconX's inaugural partnership with a global traditional bank, a testament to rising institutional interest in cryptocurrencies.
Key drivers behind this growing enthusiasm include the approval of spot Bitcoin ETFs in the U.S. last year and advancing regulatory efforts worldwide.
Standard Chartered is significantly investing in the crypto sector, anticipating the market to reach $10 trillion by 2026.
Its initiatives include launching crypto custody services in the UAE, establishing a digital asset subsidiary in the EU, and partnering with OKX to enable crypto collateral for institutions.
The bank also made a pioneering move in 2023 by launching spot trading desks for Bitcoin and Ethereum.
FalconX, headquartered in San Mateo, California, is a heavyweight in crypto prime brokerage, serving major hedge funds, sovereign wealth funds, and asset managers.
The firm has executed over $1.5 trillion in crypto trades across 400 tokens and was valued at $8 billion in its latest funding round, backed by heavyweight investors like GIC, Wellington Management, and Tiger Global.
Recent milestones for FalconX include acquiring crypto derivatives firm Arbelos Markets and executing the first block trade of Solana futures on the CME Group ahead of its contract launch.
Matt Long, General Manager for APAC & Middle East at FalconX, emphasized the partnership's role in delivering robust banking and FX solutions to clients operating in the crypto markets.
Overall, this alliance exemplifies how traditional banking infrastructure and cutting-edge crypto services are converging to meet the sophisticated needs of institutional investors worldwide.