In what is certainly an important development for the industry, Standard Chartered is reportedly now set to offer Bitcoin and crypto custody services in the European Union (EU). Indeed, the $870 billion asset manager has formed a new entity in Luxembourg to provide the new offerings, according to a Reuters report.
The move is one that looks to “cash in on the growing demand for digital security,” the report notes. Moreover, they are certainly not alone. As the asset class surged in popularity and value last year, interest has reached new heights. Now Standard Chartered is one of many financial institutions looking to expand their presence in the industry in 2025.
JUST IN: $870 billion asset manager Standard Chartered to offer Bitcoin & crypto custody services in Europe.
— Watcher.Guru (@WatcherGuru) January 9, 2025
Also Read: Standard Chartered Says Bitcoin Will Double to $200,000 in 2025
Standard Chartered to Offer Crypto Custody in EU Through New Entity
With the new year arriving, the digital asset sector is still coming down from an unprecedented 2024. As crypto-based ETFs hit the market, the asset class would serve in value over the last twelve months. That performance culminated in Bitcoin’s ascension to a six-figure price for the first time ever.
That success has only pushed more institutional interest in the growing asset class. Now, Standard Chartered Bank has taken a major step into the industry, as it is set to offer Bitcoin and crypto custody services in the EU. Indeed, the asset manager has formed a new Luxembourg-based entity following its recent launch of custody services in the United Arab Emirates (UAE).
Source: CNBC
Also Read: Standard Chartered: Solana & XRP ETFs Could Launch in 2025
According to the report, Standard Chartered-owned crypto custodian Zodia Custody announced it had registered with Luxembourg in March of 2023. Moreover, the bank announced former Societe Generale innovation head, Laurent Marochini, as chief.
The announcement should be part of a growing trend. Institutions like Standard Chartered should be continuing to explore ways to enter a market poised to skyrocket this year. With pro-crypto President-elect Donald Trump taking office this year, favorable regulation in the US should follow. Moreover, global interest should only continue to increase from that shift.
