Standard Chartered is launching Bitcoin and Ethereum trading through the existing bank accounts of affluent clients in the UAE. The service starts with Professional Investor clients, and the bank plans to expand it to other markets later.
Standard Chartered is introducing a cryptocurrency trading solution that lets wealthy UAE clients buy and sell Bitcoin and Ethereum directly through their bank accounts. The system is closed-loop and uses institutional custody.
A first for the bank and the UAE
The bank says the launch is a global first for the institution and the UAE's first such offering by an international bank. The Virtual Assets Regulatory Authority (VARA) regulates it.
Eligible clients can trade within the bank's ecosystem, where Standard Chartered handles custody and settlement to reduce third-party risks. It does this through collaboration with its wealth and corporate businesses plus SC Ventures-backed Zodia Markets.
Professional Investors first
The service launches first for Professional Investor clients in the UAE, with expansion to other markets planned for later. It builds on the bank's existing crypto access through ETFs, structured products and OTC derivatives.
Samir Subberwal, Global Head of Wealth Solutions at the bank, points to growing client interest in digital assets. He says clients increasingly look for security, trust and confidence from investing through a regulated and trusted institution.
Rola Abu Manneh is CEO for UAE, Middle East and Pakistan at Standard Chartered. According to Abu Manneh, "The UAE was a natural choice for this launch". She also calls the UAE one of the bank's four global wealth hubs.
Source: The Daily Hodl
Trading involves risk.
Risk Disclaimer
