Customary Chartered introduced at this time (Tuesday) that it has began providing digital asset custody companies within the United Arab Emirates. Brevan Howard Digital, the digital asset division of the British hedge fund, is the primary consumer to make use of these companies.
The financial institution mentioned it selected the UAE for this launch because of the nation’s balanced method to digital asset adoption and monetary regulation. The UAE has been actively working to draw main crypto companies, together with Binance and OKX. It’s also growing rules for digital belongings to spice up financial competitors within the Gulf area.
“Customary Chartered’s international status and demonstrated dedication to this house provides a layer of credibility that’s significant for institutional adoption,” Brevan Howard Digital’s CEO Gautam Sharma mentioned in a joint assertion.
UAE Attracts Hedge Funds
Along with crypto companies, the UAE has attracted important hedge funds. Brevan Howard opened an workplace in Abu Dhabi in February final 12 months. Different hedge funds akin to Millennium Administration, ExodusPoint Capital Administration, and BlueCrest have additionally established a presence within the UAE.
Customary Chartered is increasing its involvement within the crypto sector as institutional traders more and more undertake digital belongings. The financial institution helps two crypto companies, Zodia Markets and Zodia Custody, which supply a variety of companies together with custody and buying and selling.