Standard Chartered Deepens Crypto Push With OKX Partnership Expansion Across Europe
Standard Chartered and OKX have introduced a partnership enlargement into Europe, bringing bank-backed crypto custody to establishments within the bloc.
Standard Chartered & OKX Expand Crypto Partnership To EEA
As revealed in a press release, OKX is increasing its partnership with Standard Chartered. The two first got here collectively in April to launch a first-of-its-kind collateral mirroring program within the UAE, permitting institutional shoppers to custody their belongings with the financial institution whereas mirroring these balances into the crypto change for buying and selling.
Standard Chartered and OKX have now determined to broaden this service to buyers within the European Economic Area (EEA). “This innovation offers shoppers the perfect of each worlds: bank-grade custody and seamless change entry, serving to them cut back counterparty threat, strengthen asset safety, and commerce with larger confidence,” stated the press launch.
Standard Chartered is a serious multinational monetary establishment headquartered within the UK that’s categorised as a Global Systemically Important Bank (G-SIB) by the Financial Stability Board (FSB). G-SIBs are thought-about establishments so core to the worldwide financial framework that any instability associated to them can have wide-reaching ripple results. Earlier within the 12 months, Standard Chartered turned the primary financial institution of this class to roll out a spot Bitcoin and Ethereum buying and selling desk for institutional merchants.
With the OKX partnership, the financial institution has additionally develop into the primary G-SIB to group up with a crypto change. OKX famous that the collaboration marks “a serious step ahead in aligning digital asset markets with the very best requirements of conventional finance—bringing larger assurance and credibility for establishments and shoppers alike.”
OKX, at present ranked the second largest crypto change on the planet primarily based on buying and selling quantity, is licensed beneath the Markets in Crypto Assets Regulation (MiCA), the European Union’s unified framework for crypto belongings. “MiCA supplies readability and certainty in regulation, which supplies institutional shoppers the boldness to deploy capital securely,” learn the press launch. “By pairing this with modern options like collateral mirroring, we’re serving to shoppers commerce extra effectively in a safeguarded atmosphere.”
Speaking of institutional crypto developments within the EU, 9 large banks announced in late September a consortium geared toward launching a MiCA-compliant euro-based stablecoin. “Stablecoins” are digital belongings which have their value pegged to a fiat foreign money. Currently, the sector is closely dominated by USD-tied tokens, so this initiative intends to create an actual European various.
The preliminary checklist of contributors included main European gamers, together with two G-SIBs in ING and UniCredit. According to a Bloomberg report from final week, a tenth establishment is becoming a member of the consortium: Citigroup, one other G-SIB. The financial institution is the primary non-European entity to participate within the effort.
While no concrete date is thought for when the banks will launch the euro stablecoin, the preliminary announcement famous that they’re aiming for a launch within the second half of 2026.
Bitcoin Price
At the time of writing, Bitcoin is buying and selling round $111,600, down greater than 8% during the last week.
