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News

New Standard Chartered Crypto Division Launched in Luxembourg

7 hours ago - Around 2 mins mins to read

Key Points:

  • Standard Chartered established a new entity in Luxembourg to offer crypto custody services across the European Union.
  • Laurent Marochini, former head of innovation at Société Générale, will serve as CEO of the new Standard Chartered crypto division.
Standard Chartered has launched a new entity in Luxembourg to offer crypto and digital asset custody services across the European Union following the implementation of the EU’s Markets in Crypto-Assets (MiCA) Regulation.
New Standard Chartered Crypto Division Launched in Luxembourg

Read more: Standard Chartered Bank Predicts Bitcoin Will Surge to $200,000 by 2025

Standard Chartered Crypto Custody Services Expanded in Luxembourg

Standard Chartered crypto division aims to capitalize on the increasing demand for digital asset security within the region.

The Luxemburg entity is Standard Chartered‘s entry, from a purely regulatory point of view, into the EU marketplace for the provision of dedicated crypto custody, according to reporting in the bank’s press statements today.

The head of this new entity would be Laurent Marochini- previously head of innovation at French financial giant Socété Généréal.

Bank Steps Up Its Game against Bitcoin with Crypto Rollout via UAE Base; Partners With OKX

The expansion forms part of the broader trend of traditional financial players entering the crypto sector, buoyed by increasing institutional adoption of digital assets.

The Standard Chartered crypto offerings in the EU will only offer custody, a service responsible for securely storing and safeguarding digital assets on behalf of its owners.

The creation of the Standard Chartered crypto division follows from its recent success in launching custody for digital assets services in the United Arab Emirates this September 2024. It has also teamed up with a cryptocurrency exchange, OKX, to introduce the new security standard, with Standard Chartered serving as OKX’s third-party crypto custodian for institutional clients.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

crypto

Eu

Luxembourg

OKX

Standard Chartered

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Harold

With a passion for untangling the complexities of the financial world, I’ve spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. “The financial markets are a fascinating puzzle,” I often say, “and I love helping people make sense of them.” That’s what drives me to bring clear and insightful financial journalism to the readers of Coincu.