Based on a current press launch, crypto trade OKX is partnering with Normal Chartered. The financial institution will function OKX’s third-party custody options for institutional buyers.
The 2 corporations hope to strongly affect a rising market, and set a brand new commonplace for respected safety practices.
OKX and Normal Chartered
OKX, a number one cryptocurrency trade, introduced a brand new partnership with British financial institution Normal Chartered as we speak. Calling the partnership “a new milestone,” OKX claimed that Normal Chartered could be the trade’s new third-party crypto custodian for institutional shoppers. The agency hopes that this partnership would introduce a brand new commonplace for safety:
“We have always prioritized security, but we understand that institutional investors need more than that. They need trust. Standard Chartered’s involvement means we’re not just offering another crypto custody solution — we’re setting a new standard. Institutional investors want assurance, and by teaming up with such a reputable bank, we’re giving them exactly that,” OKX acknowledged.
Learn extra: OKX Overview 2024: A Complete Information to the Main Crypto Alternate
This partnership is sensible for a number of causes. Basically, each events have been drifting in direction of one another’s orbit up to now yr. OKX predicted that institutional buyers would “inevitably” undertake crypto two months in the past, thus inspiring a must create higher infrastructure for these shoppers.
Normal Chartered has additionally grown nearer to the crypto house. It predicted an $100,000 value level for Bitcoin in 2024, and has currently been growing its crypto buying and selling choices. By combining their abilities, these two corporations can assist set the requirements for a rising business sector. OKX additionally cited their very own analysis that 80% of institutional buyers want third-party custody.
In different phrases, whereas institutional crypto funding grows, third celebration options will naturally make up the majority of this visitors. So far as public statements go, neither celebration has given many specific particulars on their custody strategies. As an alternative, the press launch principally focuses on constructing a stable repute.
Learn extra: Crypto vs. Banking: Which Is a Smarter Alternative?
OKX marked one other milestone by launching operations within the UAE, increasing its international presence. Final month, OKX gained regulatory approval in Singapore and is already headquartered in Hong Kong. These areas are key facilities for Normal Chartered, confirming the strategic match of their partnership.
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