FalconX-Standard Chartered Partnership Shows Growing | Crypto Work Pro
FalconX, a crypto prime broker, has fashioned a strategic partnership with international lender Standard Chartered to boost its choices for institutional shoppers. The partnership, introduced immediately (Wednesday), highlights the rising demand for digital belongings.
Providing Banking Infrastructure
“As institutional demand for digital assets continues to grow, we’re proud to provide the banking infrastructure that enables firms like FalconX to deliver world-class trading and financing solutions to institutional clients,” stated Luke Boland, Head of Fintech, ASEAN, South Asia & GCNA at Standard Chartered.
Luke Boland, Head of Fintech, ASEAN, South Asia & GCNA at Standard Chartered (picture: LinkedIn)
Under the partnership, the bank will present a complete suite of banking providers to FalconX globally. In addition, the crypto prime broker will combine Standard Chartered’s infrastructure and gain entry to an in depth vary of currency pairs for cross-border settlements for its institutional shopper base.
The Growing Demand for Crypto Prime Brokers
Prime brokers play a key function in financial markets, together with the increasing crypto sector, by offering a vary of providers akin to trading, custody, and lending to main establishments like hedge funds, banks, and personal equity corporations.
Banks are main gamers within the prime brokerage space. However, in the case of crypto, they’ve been hesitant to behave as prime brokers as a result of regulatory uncertainty, market volatility, and issues round custody and compliance. This hole has supported the rise of crypto-specific prime brokers.
Last month, Ripple agreed to accumulate Hidden Road, one other crypto prime broker, for $1.25 billion. According to Hidden Road’s International CEO, Michael Higgins, the deal was “pretty organic” as “Ripple was well known to Hidden Road as a customer. Hidden Road was known to members of the Ripple management team. There was a natural relationship between our firms.”
Matt Long, General Manager, APAC & Middle East at FalconX (picture: FalconX)
Read more: Ripple-Hidden Road Deal – Crypto Prime Brokers Leave Banks Behind
FalconX, backed by GIC, is a main crypto prime broker with an $8 billion valuation. It reported file growth in Q2 2024, with income rising 2.5 instances in comparison with the identical period in 2023. According to its web site, FalconX had accomplished over $1.5 trillion in trading quantity by the top of 2023 and served more than 600 institutional shoppers.
“At FalconX, we support trading and financing for some of the world’s largest institutions in digital asset markets, and this relationship strengthens our ability to provide robust banking and FX solutions to clients who rely on us to operate in crypto markets,” added Matt Long, General Manager, APAC & Middle East at FalconX.
FalconX, a crypto prime broker, has fashioned a strategic partnership with international lender Standard Chartered to boost its choices for institutional shoppers. The partnership, introduced immediately (Wednesday), highlights the rising demand for digital belongings.
Providing Banking Infrastructure
“As institutional demand for digital assets continues to grow, we’re proud to provide the banking infrastructure that enables firms like FalconX to deliver world-class trading and financing solutions to institutional clients,” stated Luke Boland, Head of Fintech, ASEAN, South Asia & GCNA at Standard Chartered.
Luke Boland, Head of Fintech, ASEAN, South Asia & GCNA at Standard Chartered (picture: LinkedIn)
Under the partnership, the bank will present a complete suite of banking providers to FalconX globally. In addition, the crypto prime broker will combine Standard Chartered’s infrastructure and gain entry to an in depth vary of currency pairs for cross-border settlements for its institutional shopper base.
The Growing Demand for Crypto Prime Brokers
Prime brokers play a key function in financial markets, together with the increasing crypto sector, by offering a vary of providers akin to trading, custody, and lending to main establishments like hedge funds, banks, and personal equity corporations.
Banks are main gamers within the prime brokerage space. However, in the case of crypto, they’ve been hesitant to behave as prime brokers as a result of regulatory uncertainty, market volatility, and issues round custody and compliance. This hole has supported the rise of crypto-specific prime brokers.
Last month, Ripple agreed to accumulate Hidden Road, one other crypto prime broker, for $1.25 billion. According to Hidden Road’s International CEO, Michael Higgins, the deal was “pretty organic” as “Ripple was well known to Hidden Road as a customer. Hidden Road was known to members of the Ripple management team. There was a natural relationship between our firms.”
Matt Long, General Manager, APAC & Middle East at FalconX (picture: FalconX)
Read more: Ripple-Hidden Road Deal – Crypto Prime Brokers Leave Banks Behind
FalconX, backed by GIC, is a main crypto prime broker with an $8 billion valuation. It reported file growth in Q2 2024, with income rising 2.5 instances in comparison with the identical period in 2023. According to its web site, FalconX had accomplished over $1.5 trillion in trading quantity by the top of 2023 and served more than 600 institutional shoppers.
“At FalconX, we support trading and financing for some of the world’s largest institutions in digital asset markets, and this relationship strengthens our ability to provide robust banking and FX solutions to clients who rely on us to operate in crypto markets,” added Matt Long, General Manager, APAC & Middle East at FalconX.
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