The recent downturn in the cryptocurrency market has sparked discussions about the chaotic nature of the sector, but leaders from OKX and Standard Chartered are working to reshape perceptions. Erald Ghoos from OKX Europe emphasized the partnership’s significance in fostering stability.
Standard Chartered is now officially the institutional custodian for OKX in the European Economic Area. This collaboration allows local institutional clients to store their cryptocurrency securely within the bank’s custody. This was part of a newly announced program aimed at reinforcing the exchange’s presence in Europe, especially after obtaining its Maltese regulatory license within the Markets in Crypto-Assets framework scheduled for early 2025.
Program Overview
Before teaming up with Standard Chartered, OKX clients typically stored their cryptocurrencies on the exchange itself, with fiat transactions managed via conventional banking partners. Though OKX had an in-house custody option, clients could choose third-party custodians like Copper or Komainu if they wanted to avoid keeping assets directly on the exchange.
Now, with Standard Chartered onboard, clients can hold assets with a globally recognized regulated bank while syncing data back into OKX’s trading systems.
Trust in Times of Market Turmoil
This collaboration is pivotal for reinforcing faith within the cryptocurrency ecosystem, particularly given the recent market crisis that led to massive liquidations across exchanges globally. Binance, the largest exchange by trading volume, has been in the spotlight for its handling of recent events, leading to investor losses.
Erald Ghoos remarked on how partnerships like those with Standard Chartered highlight the evolution of the cryptocurrency landscape. He stated, “We’re proud to partner with the first and only G-SIB directly integrated with a crypto exchange, showcasing that regulated and transparent models are the future for digital assets.”
Related articles can provide further insight on recent developments in cryptocurrency exchanges in relation to market volatility and trust-building initiatives.
