Jan 9 (Reuters) - Standard Chartered has formed a new entity in Luxembourg to offer crypto and digital asset custody services in the European Union, as the global lender looks to cash in on the growing demand for digital security.
StanChart is among several major financial institutions that have been entering the crypto sector as more institutional investors adopt the growing asset class.
The lender recently launched digital asset custody services in the United Arab Emirates.
Standard Chartered has appointed Laurent Marochini, a former innovation head at Societe Generale, as the chief of the Luxembourg entity.
Zodia Custody, a crypto custodian owned by Standard Chartered, in March 2023 said it had registered its Irish unit with Luxembourg's financial regulator.
Reporting by Rishav Chatterjee in Bengaluru; Editing by Mrigank Dhaniwala
Source: Reuters