Standard Chartered PLC on Wednesday said that the bank’s innovation arm, SC Ventures, will establish a cryptocurrency brokerage and exchange platform.
The major banking corporation is launching a cryptocurrency exchange and brokerage service, giving its clients access to cryptocurrencies, such as bitcoin and ether. Standard Chartered joins a growing list of major banks worldwide that have embraced cryptocurrency.
The new exchange will be a joint venture between SC Ventures and BC Technology Group (0863.HK), a Hong Kong-based investment company specializing in digital assets. BC Technology operates OSL, the first cryptocurrency exchange to be licensed by Hong Kong’s Securities and Futures Commission.
Alex Manson, head of SC Ventures, commented: “We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class.”
“We are constructing the building blocks for a safe and reliable investment infrastructure,” Manson added.
Standard Chartered’s new cryptocurrency exchange platform and service will be based in the U.K. and target the European market. It aims to connect institutional investors with counterparties trading bitcoin, ether, and other digital assets, the bank said, adding that it plans to launch the new service in the fourth quarter.
The announcement by Standard Chartered came shortly after HSBC Chief Executive Officer Noel Quinn said that his bank has no plans to launch a bitcoin trading desk or any other cryptocurrency services. HSBC has also changed its policy to bar clients from holding stocks of public companies that are heavy into the crypto sector, like Microstrategy.
Meanwhile, Standard Chartered joins a growing list of major banks that have embraced bitcoin, including Morgan Stanley, Goldman Sachs, Citigroup, and DBS.