Crypto platform FalconX partners with StanChart
FalconX will leverage Standard Chartered's banking and foreign exchange services to support its institutional clients. — Reuters
HONG KONG: Crypto prime broker FalconX and global bank Standard Chartered say they have formed a strategic partnership to serve institutional crypto investors.
The partnership marks FalconX's first collaboration with a global traditional bank and suggests growing institutional demand for digital assets through traditional finance channels.
FalconX will leverage Standard Chartered's banking and foreign exchange services – including its access to a wide range of currencies – to support its institutional clients, said Matt Long, FalconX's general manager of Asia Pacific & Middle East.
'Our clients will be able to engage more efficiently in fiat currencies settlements, which means a lot faster settlement, better capital efficiency and overall reduced operational risk,' he told Reuters.
The California-based crypto-focused prime-brokerage services firm said its clients include some of the world's largest asset managers, sovereign wealth funds, hedge funds and family offices. Standard Chartered pointed to greater digital asset adoption by institutional clients as the driver for the partnership.
Luke Boland, Asia head of financial technology at Standard Chartered, said the bank's collaboration with FalconX would begin in Singapore and later expand to other countries in Asia, the Middle East and the United States.
The London-headquartered multinational bank has been expanding its digital asset business. Last year, the bank started a digital asset custody service in the United Arab Emirates. — Reuters
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