On Wednesday, FalconX announced a strategic alliance with Standard Chartered, a major worldwide banking company. With this partnership, the companies aim to enhance the banking and settlement capabilities for global institutional Bitcoin investors.
This is FalconX’s first official collaboration with a large traditional bank, demonstrating the growing convergence between digital asset markets and traditional finance.
The Rollout of the Partnership
Under the deal, Standard Chartered will offer FalconX full banking services. These include improved cross-border settlement infrastructure and access to various currency pairs. The prime broker currently provides trading and financing support to some of the largest institutions in the world’s digital asset markets. To serve approximately 600 institutional clients, FalconX will initially incorporate Standard Chartered’s banking infrastructure to increase its services’ speed, scale, and dependability.
The collaboration offers major operational enhancements for institutional investors. Long stated to Reuters,
“Our clients will benefit from more streamlined fiat currency settlements, resulting in significantly quicker transactions, improved capital efficiency, and an overall decrease in operational risk.”
After a successful initial launch in Singapore, the cooperation will spread to other markets in Asia, the Middle East, and the US. Both businesses have stated that they will eventually develop new services and products together. These initiatives will address the changing needs of institutional clients in cryptocurrency, extending beyond banking.
Standard Chartered’s Digital Asset Presence
The bank has started offering crypto custody services in the United Arab Emirates. Additionally, they’ve established a specialized digital asset subsidiary within the European Union and partnered with cryptocurrency exchange OKX. Notably, it was among the first big international banks to open spot trading desks for Ethereum and Bitcoin in 2023.
Regulatory obstacles and widespread mistrust of digital assets are persistent issues facing the crypto industry, challenging such alliances. They have made secure financial services a major bottleneck for crypto enterprises. By leveraging Standard Chartered’s well-established banking infrastructure, FalconX can access multiple fiat currency pairs for faster and more reliable cross-border settlements.
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