Standard Chartered (STAN) is now providing banking services for institutional prime broker FalconX.

The San Mateo, California-headquartered broker will access a range of currency pairs, helping to enhance the speed and reliability of its cross-border settlement, FalconX said in an announcement on Wednesday.

Prime brokers are an important cog in financial markets, providing financing, trading and custody services to large institutions.

FalconX is seeking to bridge the gap between traditional finance and cryptocurrency through bringing its service up to the level one would find at a TradFi institution.

The prime broker also plans to use Standard Chartered's banking support as a gateway to other products and services that would attract institutional clients, such as asset managers, hedge funds, token issuers and payment platforms.

Standard Chartered already has its foot firmly in the door of the crypto industry as the majority shareholder of digital asset custodian Zodia Custody and its exchange arm Zodia Markets.

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