Banking Behemoth Standard Chartered Expands Crypto Empire with Singapore Custody Launch
Standard Chartered plans to launch crypto custody services for institutional clients in Singapore, building on its existing digital asset offerings in other regions. This expansion addresses the growing institutional demand for secure, regulated digital asset solutions, following the bank's previous ventures into crypto trading and asset tokenization. Other major banks are also entering the digital asset custody space, highlighting a broader industry trend.
Standard Chartered, the British multinational banking and financial services company, has announced its intentions to offer crypto custody services for institutional clients in Singapore. This move comes as the bank observes an increasing demand from institutional and corporate clients for secure, regulated, and bank-grade custody solutions for their digital assets. Singapore is identified as a critical hub for financial innovation, boasting a robust institutional ecosystem and a growing appetite for trusted digital asset solutions, according to Patrick Lee, CEO of Standard Chartered for Singapore, ASEAN & South Asia.
The bank currently provides similar crypto custody services in other key global financial centers, including the United Arab Emirates (UAE), Luxembourg, and Hong Kong. The planned services in Singapore will encompass selected cryptoassets, stablecoins, and tokenized real-world assets, signaling a broad approach to digital asset management. Tokenization, the process of converting real-world assets into digital tokens on a blockchain, is gaining significant traction on Wall Street, with traditional finance firms exploring deals with crypto companies to enable round-the-clock trading of assets like stocks.
Standard Chartered has been progressively expanding its footprint in the digital asset space. In 2025, the bank established a trading desk for Bitcoin and other cryptocurrencies in London, integrating it into its existing forex trading operations and becoming one of the first global banks to venture into spot cryptocurrency trading. The same year, it launched Libeara, a dedicated blockchain unit aimed at assisting institutions in the tokenization of traditional assets. More recently, the bank debuted Bitcoin trading for its institutional clients in the UAE, further cementing its commitment to the digital asset market.
The move into crypto custody is often a strategic entry point for banks entering the digital asset arena. This trend is also evident with other major financial institutions globally. For instance, BNY Mellon pioneered by becoming the first major U.S. bank to offer digital asset custody services in 2022. Similarly, Germany’s Deutsche Bank announced last month its plans to launch a custody service for Bitcoin, Ether, and select stablecoins for its European corporate and institutional clients later in 2026, pending necessary regulatory approvals. This collective movement by established banks underscores the growing mainstream acceptance and institutional adoption of digital assets.