Standard Chartered to Provide Crypto Custody Services for OKX’s Institutional Clients
Cryptocurrency exchange OKX has selected Standard Chartered as its third-party crypto custodian for institutional clients, marking the first partnership between a globally systemically important bank (G-SIB) and a major cryptocurrency exchange for direct custody services.
The appointment comes as institutional investors increasingly seek segregated custody solutions for digital assets. According to recent research commissioned by OKX through Economist Impact, 80% of traditional and crypto hedge funds managing digital assets currently utilize third-party custodians.
“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,” said OKX Global Chief Commercial Officer Lennix Lai. “Standard Chartered’s extensive global banking expertise and unwavering commitment to security aligns with our objective to provide exceptional crypto services.”
The custody agreement expands OKX’s institutional services suite, which includes trading capabilities and risk management tools. The exchange plans to leverage Standard Chartered’s global banking expertise and risk management framework to offer institutional investors additional custody solutions.
Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, outlined the bank’s approach: “We are committed to offering custodial services that meet the highest standards of safety and compliance. 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.”
The partnership follows Standard Chartered’s recent developments in digital assets, including the launch of crypto custody services in the UAE and the introduction of spot crypto exchange-traded funds through its virtual bank, Mox Bank, in Hong Kong. The bank has also joined the Hong Kong Monetary Authority’s stablecoin sandbox program.
This collaboration addresses the growing institutional demand for separated trading and custody services in the digital asset sector, as traditional financial institutions continue to develop their cryptocurrency service offerings.
