Standard Chartered Bank Wins Crypto Custody License From NYDFS

Standard Chartered Bank Wins Crypto Custody License From NYDFS

NYDFS announced the charter Tuesday, allowing the London-based bank to provide cryptocurrency custody services. Standard Chartered is the 30th such entity to receive approval through the financial regulator, known for having the most advanced crypto regulatory framework in the U.S.

“Our NY charter will enable us to help institutional clients take full advantage of the digital assets ecosystem in a highly secure, compliant and innovative way,” Standard Chartered CEO Jack McDonald said in a statement.

Crypto custody is often the gateway for Wall Street involvement in digital assets.

Standard Chartered has long been active in the cryptocurrency and blockchain space. Standard Chartered is one of the more advanced banks in the cryptocurrency custody space, having launched the Zodia institutional crypto custody solution last December with Northern Trust, and also working closely with Swiss-based custody platform Metaco.

Crypto trading services rolled out last year as well, encompassing five over-the-counter traders and four exchanges. The bank has its own Ethereum-based ERC-20 settlement token.

Ian Allison contributed reporting.