Major banking corporation Standard Chartered is launching a cryptocurrency exchange and brokerage service to give its customers access to cryptocurrencies such as bitcoin and ether. Standard Chartered joins a growing list of major banks across the world that have embraced cryptocurrency.
Standard Chartered Bank Diving Into Crypto
Standard Chartered Plc (STAN.L) said on Wednesday that the bank’s innovation arm, SC Ventures, will establish a cryptocurrency brokerage and exchange platform.
The new exchange will be a joint venture between SC Ventures and BC Technology Group (0863.HK), a Hong Kong-based investment firm specializing in digital assets. BC Technology operates OSL, the first cryptocurrency exchange licensed by the Securities and Futures Commission of Hong Kong.
Alex Manson, head of SC Ventures, commented:
We firmly believe that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class.
“We are building the building blocks for a secure and reliable investment infrastructure,” Manson said.
Standard Chartered’s new cryptocurrency exchange platform and service will be based in the UK and target the European market. The bank said it aims to connect institutional investors to counterparties trading bitcoin, ether and other digital assets, adding that it plans to launch the new service in the fourth quarter.
Announcement by Standard Chartered HSBC chief executive Noel Quinn said his bank has no plan To launch a bitcoin trading desk or any other cryptocurrency services. HSBC has also changed its policy bar client Holding the stock of public companies that are heavy in the crypto sector, such as MicroStrategy.
Meanwhile, Standard Chartered joins a growing list of major banks adopting bitcoin, including Morgan Stanley, Goldman Sachs, Citigroup and DBS.
What do you think about Standard Chartered launching a crypto exchange and brokerage service? Let us know in the comments section below.
image credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell any products, services, or companies, or a recommendation or endorsement of any products, services or companies. bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused or in connection with the use or reliance on any content, goods or services mentioned in this article.