Crypto prime broker FalconX and global banking giant Standard Chartered (STAN.L) have announced a strategic partnership aimed at serving the growing demand for digital assets among institutional investors. This collaboration marks FalconX’s first foray into a partnership with a traditional global bank, signaling the increasing appetite for digital assets within mainstream finance, according to news agency Reuters.
Under the agreement, FalconX will leverage Standard Chartered’s extensive banking and foreign exchange services, including access to a wide array of currencies, to better support its institutional clientele. Matt Long, FalconX’s General Manager of APAC & Middle East, stated that this will enable their clients “to engage more efficiently in fiat currencies settlements, which means a lot faster settlement, better capital efficiency and overall reduced operational risk.”
Standard Chartered highlighted the increasing adoption of digital assets by institutional clients as the key driver behind this partnership. Luke Boland, Asia head of fintech at Standard Chartered, noted that the collaboration with FalconX will initially focus on Singapore, with plans to expand to other markets in Asia, the Middle East, and the United States.
This move is part of Standard Chartered’s broader strategy to expand its digital asset business. The bank launched a digital asset custody service in the UAE last year and recently partnered with the digital exchange OKX to allow institutional clients to use cryptocurrencies as collateral. The bank anticipates the overall value of digital assets to reach a staggering $10 trillion by 2026.
FalconX, founded in 2018 and valued at $8 billion in its last funding round, boasts some of the world’s largest asset managers, sovereign wealth funds, hedge funds, and family offices among its clients. The partnership with Standard Chartered is expected to further solidify its position in the institutional crypto space.
