Month: September 2024

Standard Chartered has officially launched its digital asset custody service in the UAE, according to an announcement from the bank. The service has been licensed by the Dubai Financial Services Authority (DFSA) within the Dubai International Financial Centre (DIFC), following a memorandum of understanding signed in May 2023.

“The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry,” said Bill Winters, Group Chief Executive of Standard Chartered. “We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance. With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”

The service aims to provide secure storage for digital assets, with an initial focus on supporting Bitcoin and Ethereum. The bank said it decided to launch its custody services in the UAE “due to its well-balanced approach to digital asset adoption and financial regulation.”

Brevan Howard Digital, the crypto division of Brevan Howard, an investment management platform specializing in global macro and digital assets, has been named as the first client. According to Margaret Harwood-Jones, Global Head of Financing & Securities Services, this launch addresses the growing institutional interest in digital assets. 

“After a period of intensive work and close collaboration with regulators both regionally and globally, we are thrilled to welcome Brevan Howard Digital as the first client of our digital asset custody offering,” said Harwood-Jones. “Our offering goes beyond simple wallet services – it is a comprehensive solution that addresses the unique challenges of digital asset custody from a regulatory, risk and prudential point of view. It is a game changer for institutional clients, as we can support them with our traditional expertise to navigate the complexities of the digital asset space, without compromising on the highest standards of security.”

Standard Chartered further stated that it plans to expand its custody services to include more digital assets and is exploring more opportunities to launch its custody services in other global financial hubs.

Out of the ashes emerged a snarling rodent dubbed Max Punk.

Open conflict, Whales besting Bored-Apes, the social layer manifest.

Bitcoin leaders sent to prison, then freed by massive strike waves.

HODL’ers fighting in the streets, power cuts, three-day work weeks, Maxi’s battling for Hashrates, governments brought down, Central Banks crying.

The Banksters powerless.

The Orange-Pilled class – loud, stacked and toxic.

L’ Provocateur don’t stand downwind from sh%#tcoins.

Max Punk smells of victory not of FOMO.

An Orange sky at night traverses’ seas of fiat to El Salvador dreams, not NFT nightmares.

Un Bukele ami très explosif.

Promoting Bitcoin thru absurdist and provocative actions,

a means of enacting monetary change.

Proof of ‘work[ers]’ never strike.

God won’t save the dollar, the regime.

Fiat makes you a moron, a potential Elon-bomb.

L’ Provocateur don’t stand downwind from sh%#tcoins.

Max Punk smells of victory not of FOMO.

An Orange sky at night traverses’ seas of fiat to El Salvador dreams, not NFT nightmares.

Un Bukele ami très explosif.

Orange shoes and garb only taunts the volcanos.

Consuming sats, not the FUD.

And there ain’t no future ‘cept with Bitcoin.

…In your dreaming Laser eyes!

This is a guest post by Enza Coin. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Metaplanet, a publicly listed Japanese company, announced it had purchased 38.6 Bitcoin for 300 million yen (approx. $2.2 million), bringing its total Bitcoin holdings to 398.8 BTC.

JUST IN: 🇯🇵 Japanese Public company Metaplanet buys another ¥300 million worth of #Bitcoin pic.twitter.com/xJmnAdDrMG

— Bitcoin Magazine (@BitcoinMagazine) September 10, 2024

This latest Bitcoin acquisition comes after Metaplanet announced in August that it would raise 10.08 billion yen to purchase more Bitcoin, part of its broader corporate strategy to allocate funds to Bitcoin.

Metaplanet first adopted a pro-bitcoin investment policy earlier this year and has steadily accumulated Bitcoin. The company now holds an aggregate of 398.8 bitcoins purchased for approximately 3.75 billion yen (approximately $27.6 million).

Metaplanet’s ongoing Bitcoin treasury build mimics MicroStrategy’s playbook, which has raised debt to buy Bitcoin. Public companies seem to have discovered a model for acquiring Bitcoin.

Other firms following this strategy include Marathon Digital Holdings, which recently raise a $250 million via convertible note offering to buy more Bitcoin, and Semler Scientific, which similarly announced plans to raise more money to buy more Bitcoin.

Companies can capitalize on Bitcoin’s appreciation potential by borrowing fiat currency at low interest rates to purchase Bitcoin. This allows public companies to gain Bitcoin exposure without liquidating existing assets.

Disclaimer: Bitcoin Magazine is wholly owned by BTC Inc., which also operates UTXO Management, a regulated capital allocator focused on the digital assets industry and invested in Metaplanet. UTXO invests in a variety of Bitcoin businesses, and maintains significant holdings in digital assets.