FalconX and Standard Chartered Partner to Expand Institutional Crypto Services

Highlights:

• FalconX has teamed up with the global lender to boost crypto services.
• The partnership will support FalconX in its effort to build support for investors.
• Standard Chartered expects the crypto market to hit 10 trillion dollars by next year.

FalconX has entered into an agreement with Standard Chartered, a global lender with a presence in over 63 markets in the world, to strengthen the services it offers to institutional crypto clients. The collaboration will roll out services in Singapore and then will expand to other Asian regions, the Middle East, and the United States. Luke Boland, who leads fintech operations for Standard Chartered in Asia, confirmed the launch plan.

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Matt Long, the manager of operations in the Asia-Pacific and Middle East regions, said the company will use the foreign exchange and banking services of Standard Chartered. He explained that access to various currencies will improve transaction speed, capital usage, and reduce operational risks.

The partnership will support FalconX in its effort to build support for investors who need reliable infrastructure to use for trading and settlement. The company aims to offer faster fiat currency settlements and more efficient operations.

FalconX and Standard Chartered Partnership Stems from Growth in Interest from Institutions

The increased interest from big investors forced FalconX to develop and improve the services it offers. The company recently purchased a crypto derivatives company in January. It also processed the first block trade of Solana futures on CME Group prior to the contracts being live.

Standard Chartered, based in London, has been expanding its digital asset operations. The bank estimates that the crypto market will reach a market value of $10 trillion by next year after it crushed the $3 trillion mark last year after the election. The asset lender has introduced services that let institutions use crypto and tokenized assets as collateral in trading. These services were developed with OKX and Franklin Templeton.

The bank has set up a custody service for digital assets in the monarch country, the UAE. It also started a digital asset business in Europe. In addition, the company opened trading desks for the top two cryptocurrencies by market cap, BTC and ETH. The move made it among the first banks to do so.

Geoffrey Kendrick, who leads digital asset research at the bank, has predicted Bitcoin could hit $200,000 by the end of this year. He mentioned that the prediction is driven by the increased interest of large buyers. The head of research had earlier projected that BTC will hit $120,000 by Q2 of this year. However, he later called that figure too low.

StanChart Eyes U.S. Expansion as Institutional Demand Rises

Standard Chartered is planning to grow its crypto services in the United States. It is also exploring growing its services by partnering with the Deutsche Bank. The increased activity in the market has led to more institutions pouring capital into the market. The trend is forcing investors to look into higher-risk assets, according to Ruslan Lienkha of YouHodler.

FalconX was established in 2018 and is still dedicated to addressing the increasing demand from the institutions around the world. The collaboration with Standard Chartered is aligned with that aim, as both companies are in the race to expand their offerings in the industry.

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