OKX announces Standard Chartered Bank as a third-party custody partner

On October 29, global leading digital currency trading and Web3 technology company OKX announced that Standard Chartered Bank has become its third-party custody partner. Standard Chartered Bank is an internationally leading cross-border bank connecting major markets around the world.

OKX provides comprehensive services for institutional users, covering advanced trading features, robust risk management tools, and upgraded custody solutions. The signing of the custody agreement with Standard Chartered Bank is a strong complement to these services. Leveraging Standard Chartered Bank's extensive global banking experience and rigorous risk management system, OKX aims to offer more secure and reliable custody solutions for institutional investors.

Lennix Lai, Global Chief Business Officer of OKX, stated: "We chose Standard Chartered Bank as our institutional custody partner to optimize services and promote the deep integration of digital assets with the traditional financial ecosystem. Standard Chartered Bank's rich global banking experience and strong commitment to security align closely with OKX's goal of providing excellent digital currency services, helping to enhance institutional clients' confidence in digital asset management."

Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered Bank, stated: "We are committed to providing custody services that meet the highest security and compliance standards. As the third-party custodian for OKX, we can apply our expertise to the evolving digital currency space, safeguarding institutional investors."

This collaboration is expected to attract more institutions into the digital asset market, creating a more mature environment for global institutions. This aligns with the findings of the recently released research brief “Digital assets as the new alternative for institutional investors: market dynamics, opportunities and challenges”. The report, commissioned by OKX and authored by Economist Impact, indicates that institutional investors view digital assets as an opportunity not to be missed.

Additionally, the report found that among all traditional and digital currency hedge funds using digital assets, 80% of the funds choose third-party custodians, demonstrating a strong demand for the separation of trading execution and asset custody responsibilities.