Commonplace Chartered introduced at the moment (Tuesday) that it has began providing digital asset custody providers within the United Arab Emirates. Brevan Howard Digital, the digital asset division of the British hedge fund, is the primary shopper to make use of these providers.
The financial institution mentioned it selected the UAE for this launch as a result of nation’s balanced method to digital asset adoption and monetary regulation. The UAE has been actively working to draw main crypto corporations, together with Binance and OKX. It’s also growing laws for digital belongings to spice up financial competitors within the Gulf area.
“Commonplace Chartered’s world status and demonstrated dedication to this area 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 corporations, the UAE has attracted important hedge funds. Brevan Howard opened an workplace in Abu Dhabi in February final 12 months. Different hedge funds resembling Millennium Administration, ExodusPoint Capital Administration, and BlueCrest have additionally established a presence within the UAE.
Commonplace Chartered is increasing its involvement within the crypto sector as institutional buyers more and more undertake digital belongings. The financial institution helps two crypto corporations, Zodia Markets and Zodia Custody, which supply a spread of providers together with custody and buying and selling.
