OKX Appoints Standard Chartered as Crypto Custodian for Institutional Business
Leading cryptocurrency exchange OKX has announced the appointment of Standard Chartered as a third-party crypto custodian for its global institutional business, which marks a major development in enhancing OKX’s suite of institutional services.
The custody agreement with Standard Chartered adds a vital layer to OKX’s offerings, which already include advanced trading capabilities and robust risk management tools.
By leveraging Standard Chartered’s extensive banking expertise and rigorous risk management framework, OKX aims to provide institutional investors with a wider range of secure and reliable custody solutions.
Lennix Lai, Global Chief Commercial Officer at OKX, expressed enthusiasm about the partnership. “We selected Standard Chartered as an institutional custodian partner to enhance our offering and accelerate the integration of digital assets within the traditional financial ecosystem,” he said. Lai emphasized that Standard Chartered’s commitment to security aligns with OKX’s goal of providing exceptional crypto services and bolstering the confidence of institutional clients in managing their digital assets.
Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, also highlighted the importance of this collaboration. “We are committed to offering custodial services that meet the highest standards of safety and compliance,” she stated. “Serving as OKX’s third-party custodian allows us to extend our expertise into the evolving cryptocurrency sector, providing institutional investors with the assurance they require.”
This partnership is expected to attract more institutional participation in the digital asset market, fostering a more mature environment for institutions worldwide.
It aligns with findings from a recent research brief commissioned by OKX and authored by Economist Impact, titled “Digital Assets as the New Alternative for Institutional Investors: Market Dynamics, Opportunities, and Challenges.”
The report indicates that institutional investors view digital assets as an essential opportunity. Notably, it also finds that 80% of traditional and crypto hedge funds utilizing digital assets rely on third-party custodians, highlighting the strong demand for clear segregation of duties related to trade execution and asset custody.
