Standard Chartered becomes latest major bank to launch crypto service

Standard Chartered is building a new secure crypto custody solution

Top banking corporation Standard Chartered has given its clients access to cryptocurrencies by launching a crypto exchange and brokerage service by launching.

The bank stated that SC Ventures, its innovative arm will be setting up the crypto exchange platform.

However, the bank is not alone in this project, as it’s collaborating with the BC Technology group to make it possible.

Building a platform for institutional clients

The project’s team will be building the exchange platform for corporate and institutional clients in the UK and Europe.

Standard Chartered will be bringing its experience and global network while BC Group will provide the technology used in OSL, its Hong Kong-based digital asset platform.

The leaders of the venture have been appointed. SC Ventures’ Nick Philpott will be the chief operating officer of the exchange while Usman Ahmad of BC Group will be its chief executive officer.

Head of SC Ventures, Alex Manson, has commented on the development.

He stated that both companies believe that the digital assets industry will be adopted massively by the institutional market.  “We are constructing the building blocks for a safe and reliable investment infrastructure,” he reiterated.

The new platform will be connecting institutional investors with counterparties trading Bitcoin (BTC/USD), Ethereum (ETH/USD), and other cryptocurrencies.

A growing list of top banks that have embraced Crypto

Standard Chartered Bank’s announcement is coming shortly after Noel Quinn, HSBC Chief Executive Officer, stated that his bank will not be launching any crypto-based services The bank recently updated its policies, banning clients from trading in stocks of companies with ties to crypto investment.

But the recent announcement by Standard Chartered Bank means that the bank has joined a growing list of major banks in the world that have embraced cryptocurrency.

The list includes DBS, Citigroup, Morgan Stanley, and Goldman Sachs. It’s evidence that Bitcoin and cryptocurrencies are gradually penetrating the mainstream market.

The post Standard Chartered becomes latest major bank to launch crypto service appeared first on Invezz.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.