Coinbase and Standard Chartered Collaborate to Enhance Crypto Services for Institutions
- Standard Chartered and Coinbase aim to offer comprehensive crypto services, focusing on security and compliance for institutional clients.
- The partnership builds on existing infrastructure in Singapore, enhancing crypto services and cross-border banking.
- U.S. OCC approval for crypto trust banks paves the way for more institutional adoption of crypto services in the U.S.
Standard Chartered and Coinbase have announced an expansion of their partnership to build crypto infrastructure targeting institutional clients. The collaboration will focus on offering services across trading, custody, staking, and lending. This new phase aims to enhance secure, compliant solutions for digital asset management.
Standard Chartered and Coinbase Explore Crypto Services
Under the new agreement, Standard Chartered and Coinbase plan to integrate their expertise to offer a comprehensive suite of services. The partnership aims to help institutions trade and manage digital assets with a focus on security and compliance. “We aim to explore how the two organizations can support secure, transparent, and interoperable solutions,” said Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered.
Coinbase will provide its institutional crypto platform to the alliance, while Standard Chartered will offer its expertise in cross-border banking and custody. The aim is to develop an integrated ecosystem that satisfies the requirements of institutional customers in the crypto industry. This partnership is an extension of the current infrastructure and includes compliance and security of services at the highest level.
Building on Existing Relationships in Singapore
The expanded partnership builds on a previously established relationship in Singapore. In this region, Standard Chartered already provides banking connectivity to Coinbase, enabling real-time Singapore dollar transfers. The two companies have worked together to enhance crypto services for customers in this market, and this new agreement extends their joint efforts.
Last year, the partnership with Crypto.com highlighted Standard Chartered’s commitment to expanding crypto services globally. Through this partnership, users in more than 90 countries gained the ability to deposit and withdraw US dollars, euros, and UAE dirhams through Crypto.com’s app. These collaborations are part of Standard Chartered’s broader strategy to integrate traditional banking services with the emerging digital asset sector.
US Bank Regulator Approves Crypto Trust Banks
Standard Chartered and Coinbase come at a time when crypto has tapped into the banking system. As it was reported by CryptoNewsLand, the U.S. Office of the Comptroller of the Currency (OCC) granted approval for five companies to establish national trust banks. These approvals cover entities like BitGo, Fidelity Digital Assets, and Paxos, which aim to convert existing trust companies into national trust banks. New applicants Circle and Ripple also received conditional approval for their national trust bank charters.
The relocation of the OCC is a step toward greater regulatory clarity for the digital asset industry in the U.S. Such approvals may open the door to additional institutional acceptance of crypto services, such as in areas like custody and settlement. It is a significant change in the regulatory environment, as digital asset companies seek to work in a more organized way. The acceptance of these companies is an indication of the increase in the degree of acceptance of the digital asset industry by the conventional financial regulators. The services offered by companies such as Standard Chartered and Coinbase will become even more in demand as more institutional participants enter the crypto environment.
