Brevan Howard Digital, the British hedge fund’s division dedicated to cryptocurrency and digital assets, was Standard Chartered’s first customer. On Tuesday, Standard Chartered announced that it had started providing digital asset custody services in the United Arab Emirates.
The bank with an emphasis on emerging markets claimed that its “well-balanced approach to digital asset adoption and financial regulation” was the reason behind its establishment in the nation.
In a joint statement, CEO of Brevan Howard Digital Gautam Sharma stated, “Standard Chartered’s global reputation and demonstrated commitment to this space adds a layer of credibility that is meaningful for institutional adoption.”
The United Arab Emirates has been making great efforts to draw in some of the largest cryptocurrency companies in the world, including Binance and OKX. In an effort to draw in new types of businesses as the Gulf region’s economic competition heats up, it has also been working to develop regulations pertaining to virtual assets.
Large hedge funds have also shown interest in it, such as Brevan Howard, which opened an office in Abu Dhabi in February of last year, BlueCrest, ExodusPoint Capital Management, and Millennium Management.
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