Standard Chartered has entered into a strategic partnership with crypto prime broker FalconX to bolster banking services for institutional clients in the digital asset sector. Announced on May 14, the collaboration aims to integrate Standard Chartered’s banking infrastructure and diverse currency offerings into FalconX’s platform, enhancing fiat settlement efficiency and reducing operational risks for clients such as asset managers, hedge funds, and sovereign wealth funds.
The partnership will initially launch in Singapore, with plans to expand into other regions, including Asia, the Middle East, and the United States. This move reflects Standard Chartered’s ongoing commitment to the digital asset space, following previous initiatives like launching a digital asset custody service in the United Arab Emirates and collaborating with crypto exchange OKX for crypto collateral services.
FalconX, founded in 2018 and valued at $8 billion after a 2022 funding round, serves some of the world’s largest institutional investors. The integration with Standard Chartered’s services is expected to provide FalconX’s clients with improved access to a range of fiat currencies and banking solutions, facilitating more efficient engagement in the crypto markets.
Reuters
This partnership underscores the growing convergence between traditional banking institutions and the cryptocurrency industry, as demand for institutional-grade digital asset services continues to rise.
