Standard Chartered partners with OKX to be its institutional custodian in the European Economic Area (EEA), launching a collateral mirroring program for local institutional clients. The expansion of the program in the EEA follows its initial launch in Dubai to enable institutions to keep assets with a globally systemically important bank while trading on OKX.

Before the partnership with Standard Chartered, OKX’s institutional clients mainly kept their crypto on the exchange, with fiat transactions handled through regular bank partners. While OKX offered its in-house custody solution, institutions could also opt for third-party custodians like Copper or Komainu to hold assets off-exchange.

With Standard Chartered’s integration, OKX’s institutional clients can securely keep their assets with a regulated bank while OKX mirrors those assets back into its trading system. This collaboration is crucial for building trust in the crypto ecosystem following the market turmoil in October, with exchanges experiencing $20 billion liquidations.

The partnership between OKX and Standard Chartered demonstrates the progress made in the crypto industry towards regulated, secure, and transparent models. OKX Europe CEO Erald Ghoos emphasizes the importance of partnerships like this in showcasing the industry’s advancement and the future of digital assets. Exchanges like Binance have faced controversies, highlighting vulnerabilities in the ecosystem.

Read more at Cointelegraph: Standard Chartered Named OKX’s Institutional Custodian In EEA