According to CoinMeta, Standard Chartered Bank has announced that it will offer its wealthy customers in the United Arab Emirates the ability to buy and sell these two cryptocurrencies directly through their bank accounts. The service is initially open to customers classified as professional investors and operates under the license of the Dubai Virtual Assets Regulatory Authority (VARA). Standard Chartered Bank claims this to be the first such service of its kind globally and also the first crypto trading product launched by an international bank in the UAE. The transactions are executed within the bank's ecosystem, with Standard Chartered Bank being responsible for the entire process of custody and settlement, using a closed-loop model to reduce the risk associated with third-party wallets. The product was developed jointly by Standard Chartered Bank's wealth management, retail banking, and corporate investment banking departments, in collaboration with Zodia Markets, a digital assets trading company supported by the bank's venture capital department.