The fast-growing convergence of traditional finance and digital assets marks a strategic partnership between crypto prime broker FalconX and global banking giant Standard Chartered to drive up services to institutional crypto investors.
This is the first time that FalconX, a California-based company that provides prime brokerage in digital assets, has partnered with one of the leading traditional banks. The tie-up is a clear indication of the growing appetite of institutions for crypto through traditional financial outlets.
In the partnership, FalconX will gain access to Standard Chartered’s powerful banking structure and foreign exchange facilities. The partnership will involve having access to a wide variety of fiat currencies that will allow FalconX to provide a better settlement speed and capital efficiency to its institutional client base.
“This relationship strengthens our ability to deliver robust banking and FX solutions to clients who rely on us to operate in crypto markets,” said Matt Long, General Manager for APAC and the Middle East at FalconX.
FalconX’s client base includes some of the world’s most prominent institutional players, such as sovereign wealth funds, hedge funds, large asset managers, and family offices.
For Standard Chartered, the move is part of a broader push into digital assets. “As institutional demand for digital assets continues to grow, we’re proud to provide the banking infrastructure that enables firms like FalconX to deliver world-class trading and financing solutions to institutional clients,” noted Luke Boland, Head of Fintech, ASEAN, South Asia and GCNA.
The partnership will initially roll out in Singapore, with expansion plans across Asia, the Middle East, and the U.S. The global bank with its headquarters in London has been growing its operations in digital assets. In the United Arab Emirates, the bank launched a digital asset custody service last year. It collaborated with digital exchange OKX in April to allow institutional clients to pledge cryptocurrency as security.
Also read: Crypto.com Partners with Dubai for Government Crypto Payments
