Crypto prime broker FalconX and global bank Standard Chartered announced a strategic partnership on Wednesday aimed at providing services to institutional crypto investors. This collaboration is FalconX’s first with a major global traditional bank and highlights the increasing demand for digital assets through conventional financial channels.
FalconX will use Standard Chartered’s banking and foreign exchange services, including access to multiple currencies, to support its institutional clients. Matt Long, FalconX’s general manager for APAC & Middle East, explained that this partnership will allow clients to complete fiat currency settlements more quickly, improve capital efficiency, and reduce operational risks.
FalconX, based in California, provides prime brokerage services to some of the world’s largest asset managers, sovereign wealth funds, hedge funds, and family offices. The company’s clients will now benefit from faster and more efficient settlements.
Standard Chartered pointed to the growing adoption of digital assets by institutional clients as the key reason behind the partnership. Luke Boland, the bank’s Asia head of fintech, said the collaboration will initially roll out in Singapore and expand to other regions, including Asia, the Middle East, and the U.S.
The Hong Kong-based bank has been increasing its digital asset offerings, having launched a digital asset custody service in the UAE last year. In April, it also partnered with digital exchange OKX to allow institutional clients to use cryptocurrencies as collateral.
The global cryptocurrency market reached a market value of $3 trillion in November, following the election of crypto-friendly U.S. President Donald Trump, sparking optimism about the future of digital assets. Standard Chartered predicts that the overall value of digital assets will hit $10 trillion by 2026.
Founded in 2018, FalconX was valued at $8 billion after a $150 million funding round in 2022. Its investors include Wellington Management, Singapore’s sovereign wealth fund GIC, and Tiger Global Management.
Related topics:
