OKX has named UK’s banking giant Standard Chartered as the third-party custodian for its services aimed at global institutional clients.
According to the crypto exchange’s Global Chief Commercial Officer Lennix Lai, this collaboration will enhance OKX’s institutional services by connecting it with diverse markets worldwide through Standard Chartered’s extensive cross-border banking capabilities.
Lai noted that this collaboration is particularly targeted at helping OKX provide its services to institutional investors as they become more involved in the crypto market. He referenced an OKX-commissioned report by Economist Impact, stating that there is “a growing demand for segregation between trade execution and asset custody.”
“OKX is here to meet that demand with world-class partners like Standard Chartered,” Lai stated.
Margaret Harwood-Jones, Standard Chartered’s Global Head of Financing & Securities Services, highlighted the bank’s commitment to providing secure, compliant custodial services. She stated,
“Partnering as OKX’s third-party custodian enables us to bring our expertise into the cryptocurrency space, offering institutional investors the assurance they need.”
Notably, OKX’s partnership adds to a growing list of Standard Chartered’s ventures in the crypto space. The bank has previously partnered with various exchanges and blockchain firms to enhance its digital asset offerings. It recently partnered with Crypto.com to help launch the exchange’s fiat services globally. The service, which would be launched initially in the United Arab Emirates, allows users in over 90 countries to deposit and withdraw US dollars, euros, and UAE dirhams through the Crypto.com app.
This partnership also builds on OKX’s commitment to expanding and tailoring its offerings for its users. The exchange recently launched major cryptocurrency trading pairs against the Australian dollar (AUD), allowing Australian users to trade Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC) directly with AUD. Jamie Kennedy, OKX Australia’s General Manager, highlighted that this addition responds to high local demand and supports the growth of the country’s crypto ecosystem.
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