Standard Chartered launches crypto custody services in EU amid growing client demand
Standard Chartered, the British multinational bank, has launched crypto custody services in the European Union, marking another milestone in its growing commitment to digital assets.
The new service, based in Luxembourg, aims to meet rising client demand for secure storage solutions for digital assets like Bitcoin and Ethereum, Reports Decrypt.
Margaret Harwood-Jones, Standard Chartered’s Global Head of Financing and Securities Services, emphasized the importance of this expansion. “We are thrilled to support our EU clients with a regulated, secure product that bridges the gap between traditional and digital finance,” she said.
This move builds on the bank’s earlier initiatives, including the launch of crypto custody services in the UAE in September and the establishment of spot crypto trading desks for Bitcoin and Ethereum in 2022.
Tackling complexity in crypto custody
Digital asset custody services provide secure storage solutions for cryptocurrencies, addressing one of the key barriers for institutional and individual investors—fear of loss or theft. Standard Chartered’s expansion comes amid increasing regulatory scrutiny in the EU. The region implemented its Markets in Crypto Assets (MiCA) law in 2023, introducing stringent regulations to safeguard digital asset markets, particularly stablecoins.
Laurent Marochini, previously with Societe Generale Securities Services, has been appointed as CEO of the new Luxembourg-based entity. His expertise will be critical as the bank navigates the EU’s regulatory landscape and aims to establish itself as a trusted player in the digital asset ecosystem.
The expansion underscores the growing integration of traditional banking with digital finance. As Standard Chartered continues to pioneer crypto solutions, its presence in the EU could set a benchmark for other financial institutions. The move also highlights the increasing importance of regulation and security in building trust within the volatile crypto industry. Read also: Binance launches Renzo on BNSOL Super Stake with airdrop rewards
- Forex
- Crypto