Another giant enters the market: Standard Chartered Bank launches encryption services for high-net-worth customers
Standard Chartered, one of the major European banks, recently announced plans to open a cryptocurrency exchange and brokerage platform in the United Kingdom and Europe.
The business clients will be mainly institutional investors. According to a Reuters report on June 2,A subsidiary of Standard Chartered Bank is planning to launch a crypto trading platform in the UK and Europe. The platform will be created as a joint venture between BC Technology Group and SC Ventures (the innovation arm of Standard Chartered Bank), BC Technology Group is a Hong Kong-licensed cryptocurrency exchange OSL.
According to the news report, the trading and brokerage platform will focus on the European market to connect high-net-worth clients with exchanges that trade bitcoin, ethereum, and other major crypto assets.
Standard Chartered plans to offer crypto asset business services to institutional traders, in a fresh endorsement of the new asset class by a major bank.
Alex Manson, head of SC Ventures, the firm's innovation arm, said plans for crypto trading and brokerage would target institutional clients.
Manson pointed out: "We strongly believe that crypto assets are here to stay and will be embraced by institutional markets as a highly correlated asset class. We are building the cornerstone of a safe and secure investment infrastructure。”
The platform is expected to launch in the fourth quarter of this year, with BC Group CIO Usman Ahmad serving as CEO and SC Ventures' Nick Philpott serving as chief operating officer.
Standard Chartered’s move to build a crypto exchange and brokerage platform comes at a critical time, as despite the negative media coverage of the crypto space and tightening regulations in some Asian countries, there is still global demand from institutions interested in reaching out and joining the crypto space increase.
Wall Street continues to embrace crypto assets. The recent climb in the price of bitcoin and other cryptocurrencies, coupled with the listing of the Coinbase exchange on the Nasdaq stock exchange, has helped legitimize the asset class and calmed many critics.
Despite the recent decline in the cryptocurrency market, many Wall Street banks have struggled to offer bitcoin services to clients over the past month.
NYDIG, a crypto asset custody service provider, announced a service on May 5 that will bring bitcoin to hundreds of institutions in the United States. Customers of participating U.S. banks will be able to buy, hold and trade BTC using their existing accounts thanks to a partnership with fintech firm Fidelity National Information Services.
Following this revelation, many major banking institutions have also begun to accept cryptocurrencies despite years of widespread opposition. Citigroup announced on May 7 that it is considering entering the lucrative cryptocurrency market, citing high client interest.
Then on May 10, UBS Group said it was considering a variety of options for its high-net-worth clients to offer cryptocurrencies.
The original text comes from bitcoinist, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
The original text comes from bitcoinist, compiled and organized by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
