9 hours ago
October’s crypto clang has reignited the “Wild West” narrative, but OKX and Standard Chartered are present to beryllium it’s not the case, OKX Europe’s Erald Ghoos said.
Standard Chartered, a large planetary banking group, is deepening ties with cryptocurrency speech OKX, becoming its organization custodian successful the European Economic Area (EEA).
Standard Chartered and OKX launched a collateral mirroring programme successful the EEA, allowing section organization clients to support their crypto straight successful Standard Chartered’s custody, OKX announced connected Wednesday.
The motorboat marks an enlargement of a pilot initially launched successful Dubai successful April, aiming to alteration institutions to support their assets with a globally systemically important slope (G-SIB) portion mirroring the balances into OKX for trading.
The program’s enlargement successful the EEA reinforces OKX’s committedness to Europe aft the exchange secured a Maltese license nether Europe’s Markets successful Crypto-Assets (MiCA) model successful aboriginal 2025.
How does the programme work?
Before the woody with Standard Chartered, OKX’s organization clients mostly kept their crypto connected the exchange, with fiat transactions being handled done regular slope partners.
While OKX’s default custody enactment was its in-house solution, the speech besides allowed institutions to usage third-party custodians, including Copper oregon Komainu, if they preferred to clasp assets off-exchange.
Source: OKX Europe CEO Erald Ghoos
With Standard Chartered’s integration, OKX’s organization clients tin support their assets straight with a large regulated bank, portion OKX tin reflector those assets backmost into its trading system.
Growing spot pursuing October’s flash crash
OKX’s collaboration with Standard Chartered is important for increasing spot successful the crypto ecosystem amid the marketplace turmoil successful October, with exchanges suffering $20 cardinal liquidations connected Friday.
Binance, the world’s largest crypto speech by trading volume, has faced a monolithic contention since the crash, highlighting the vulnerabilities of its terms oracles and blaming the level for capitalist losses worthy millions of dollars.
Related: Centralized exchanges look claims of monolithic liquidation undercounts
“Recent events person reignited the ‘Wild West’ communicative astir crypto, but partnerships similar ours with Standard Chartered amusement however acold the manufacture has come,” OKX Europe CEO Erald Ghoos told Cointelegraph.
“We’re arrogant to beryllium moving with the archetypal and lone G-SIB straight integrated with a crypto exchange, proving that regulated, unafraid and transparent models are the aboriginal of integer assets,” helium said.
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