crypto collaboration intensifies
Institutional Crypto Investor Collaboration seal with Standard Chartered, as confirmed by FalconX
The joint venture kicks off in Singapore, with eyes on the U.S. and Middle East expansion in the future.
Standard Chartered has been on a crypto roll in the past year, growing its crypto custody and trading operations. FalconX, meanwhile, is charging ahead with strategic expansion in the institutional cryptocurrency market.
Welcome SCENE - the fresh collab between Standard Chartered and digital assets prime brokerage FalconX, all set to supercharge crypto services for big-time investors.
In a statement, FalconX revealed its intention to tap into Standard Chartered's financial infrastructure and foreign exchange (FX) firepower to furnish seamless digital asset access to its institutional clientele.
Clients in Singapore will be the first to savor these banking and FX perks, followed by Asia, the Middle East, and the U.S.
"This union strengthens our arsenal in delivering top-notch banking and FX solutions to clients adventuring in crypto markets," said Matt Long, General Manager, APAC&ME at FalconX.
The latest news signals FalconX's maiden partnership with a global traditional bank within the increased institutional interest in crypto. This interest has been sparked partly by the green light given to spot Bitcoin ETFs in the U.S. last year and the global push to regulate the industry.
Confident in the crypto market's forecasted surge to $10 trillion by 2026, Standard Chartered is heartily backing this sector's growth. Among its aggressive moves in crypto are setting up a digital asset subsidiary in the EU for custody, launching custody services in the UAE, and partnering with OKX for allowing institutional clients to offer crypto collateral. In 2023, it made history by being the first global bank to launch spot crypto trading desks for Bitcoin and Ethereum.
For FalconX, the partnership amplifies its standing on the global scene as it rushes to fulfill burgeoning institutional demand. With headquarters in San Mateo, California, FalconX counts A-listers like major hedge funds, sovereign wealth funds, and asset managers among its clients. Snagging over $1.5 trillion in crypto trades across 400 tokens, it eyes further growth.
Backed by heavyweights GIC, Wellington Management, and Tiger Global, FalconX aims for $8 billion in its current funding round. Its recent acquisition of crypto derivatives firm Arbelos Markets ramps up its game plan.
In March, it executed the first block trade of Solana futures on CME Group before its contract launch.
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- The collaborative initiative between Standard Chartered and digital assets prime brokerage FalconX, dubbed SCENE, aims to enhance crypto services for big-time investors.
- FalconX is leveraging Standard Chartered's financial infrastructure and foreign exchange (FX) capabilities to offer seamless access to digital assets for its institutional clients.
- The partnership between FalconX and Standard Chartered signifies FalconX's first partnership with a global traditional bank, reflecting the increasing institutional interest in the crypto market.
- Standard Chartered's aggressive moves in the crypto sector include setting up a digital asset subsidiary in the EU for custody, launching custody services in the UAE, and partnering with OKX for offering crypto collateral to institutional clients.
- FalconX, a San Mateo, California-based company, is looking to raise $8 billion in its current funding round, with backing from heavyweights such as GIC, Wellington Management, and Tiger Global. It recently acquired crypto derivatives firm Arbelos Markets to bolster its strategy.
