Normal Chartered, a serious international banking group, is deepening ties with cryptocurrency trade OKX, turning into its institutional custodian within the European Financial Space (EEA).
Normal Chartered and OKX have launched a collateral mirroring program within the EEA, permitting native institutional shoppers to maintain their crypto immediately with Normal Chartered’s custody, OKX introduced on Wednesday.
The launch marks an enlargement of a pilot initially launched in Dubai in April, aiming to allow establishments to maintain their belongings with a globally systemically essential financial institution (G-SIB) whereas mirroring the balances into OKX for buying and selling.
This system’s enlargement within the EEA reinforces OKX’s dedication to Europe after the trade secured a Maltese license beneath Europe’s Markets in Crypto-Property (MiCA) framework in early 2025.
How does this system work?
Earlier than the take care of Normal Chartered, OKX’s institutional shoppers largely stored their crypto on the trade, with fiat transactions being dealt with by way of common financial institution companions.
Whereas OKX’s default custody possibility was its in-house resolution, the trade additionally allowed establishments to make use of third-party custodians, reminiscent of Copper or Komainu, in the event that they most popular to carry belongings off-exchange.
With Normal Chartered’s integration, OKX’s institutional shoppers are enabled to maintain their belongings immediately with a serious regulated financial institution, whereas OKX can mirror these belongings again into its buying and selling system.
Rising belief following October’s flash crash
OKX’s collaboration with Normal Chartered is essential for rising belief within the crypto ecosystem amid the market turmoil in October, with exchanges struggling $20 billion liquidations final Friday.
Binance, the world’s largest crypto trade by buying and selling quantity, has confronted huge controversy amid the crash, with many highlighting the vulnerabilities of its worth oracles and blaming the platform for investor losses price tens of millions of {dollars}.
Associated: Centralized exchanges face claims of huge liquidation undercounts
“Latest occasions have reignited the ‘Wild West’ narrative round crypto, however partnerships like ours with Normal Chartered present how far the trade has come,” OKX Europe CEO Erald Ghoos informed Cointelegraph.
“We’re proud to be working with the primary and solely G-SIB immediately built-in with a crypto trade, proving that regulated, safe and clear fashions are the way forward for digital belongings,” he mentioned.
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