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.
The two firms hope to strongly influence a growing market, and set a new standard for reputable security practices.
OKX and Standard Chartered
OKX, a leading cryptocurrency exchange, announced a new partnership with British bank Standard Chartered today. Calling the partnership “a new milestone,” OKX claimed that Standard Chartered would be the exchange’s new third-party crypto custodian for institutional clients. The firm hopes that this partnership would introduce a new standard for security:
“We have always prioritized security, but we understand that institutional investors need more than that. They need trust. Standard Chartered’s involvement means we’re not just offering another crypto custody solution — we’re setting a new standard. Institutional investors want assurance, and by teaming up with such a reputable bank, we’re giving them exactly that,” OKX stated.
Read more: OKX Review 2024: A Comprehensive Guide to the Leading Crypto Exchange
This partnership makes sense for several reasons. Essentially, both parties have been drifting towards each other’s orbit in the past year. OKX predicted that institutional investors would “inevitably” adopt crypto two months ago, thus inspiring a need to create better infrastructure for these clients.
Standard Chartered has also grown closer to the crypto space. It predicted an $100,000 price point for Bitcoin in 2024, and has lately been increasing its crypto trading options. By combining their talents, these two companies can help set the standards for a growing industry sector. OKX also cited their own research that 80% of institutional investors prefer third-party custody.
In other words, while institutional crypto investment grows, third party solutions will naturally make up the bulk of this traffic. As far as public statements go, neither party has given many explicit details on their custody methods. Instead, the press release mostly focuses on building a solid reputation.
Read more: Crypto vs. Banking: Which Is a Smarter Choice?
OKX marked another milestone by launching operations in the UAE, expanding its global presence. Last month, OKX gained regulatory approval in Singapore and is already headquartered in Hong Kong. These regions are key centers for Standard Chartered, confirming the strategic fit of their partnership.
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