On Wednesday, the banking giant managing nearly $1 trillion in assets, Standard Chartered, revealed it is making new moves inroads in the United Arab Emirates (UAE). The bank explained that it is making it possible for wealthy clients in the UAE to buy and sell bitcoin and ether directly through their regular bank accounts.
Key Takeaways
- Standard Chartered now lets wealthy UAE clients trade bitcoin and ether directly through their bank accounts.
- The bank partnered with Zodia Markets to offer crypto trading, custody, and settlement services.
- Dubai’s VARA approved the service, which initially supports only bitcoin and ether for eligible clients.
Standard Chartered Brings Crypto Trading Directly to UAE Bank Accounts
Customers do not need to open an account at a centralized cryptocurrency exchange (CEX) or manage a separate digital wallet. The bank said on Wednesday that this is the first time it has offered such a service anywhere in the world. It also claims to be the first international bank to introduce this type of cryptocurrency trading service in the UAE.
“As client interest in digital assets continues to grow, this launch represents a significant milestone for Standard Chartered as we bring digital assets into our core wealth offering,” explained Samir Subberwal, Standard Chartered’s global head of wealth solutions, retail products, data, and analytics. “With digital assets moving into mainstream wealth conversations, clients are increasingly looking not only for access, but also for the security, trust, and confidence that comes from investing through a regulated and trusted institution.”
Subberwal added:
“As a leading international wealth manager, we remain focused on delivering innovative solutions that help clients capture investment opportunities in a rapidly evolving market.”
Zodia Markets Partnership Powers Bank’s New Crypto Offering
The bank will take responsibility for holding crypto assets and settling digital currency transfers. At the same time, Standard Chartered is working with Zodia Markets, a cryptocurrency trading company backed by its investment arm, SC Ventures. The partnership combines the bank’s customer services with professional cryptocurrency trading and storage systems.
The service has received approval from Dubai’s Virtual Assets Regulatory Authority (VARA), the agency responsible for regulating cryptocurrency businesses in Dubai. “The UAE was a natural choice for this launch, given the country’s forward-looking approach to innovation, strong regulatory environment, and growing leadership in digital assets,” remarked Rola Abu Manneh, Standard Chartered’s CEO for the UAE, Middle East, and Pakistan.
For now, “eligible affluent clients” can buy and sell bitcoin (BTC) and ether (ETH), with the bank’s announcement making no mention of additional crypto assets.