Cryptocurrency News

Standard Chartered Plans European Crypto Exchange After HSBC Says ‘No’ to Industry

United Kingdom-based multinational banking and financial services company Standard Chartered (StanChart) is launching a cryptocurrency exchange, the report says.

According to Reuters On June 2, Stanchart has partnered with Hong Kong exchange owner BC Technology Group to launch a platform for the UK and European institutional markets.

Standard Chartered: Crypto Is “Here To Stay”

bank for a long time deferred interest in the cryptocurrency sector, and the news of the launch follows various attempts to enter the crypto trading arena.

The project will be handled by SC Ventures, the innovation arm of the bank, for which no deadline has been designated yet to start the activities.

“We strongly believe that digital assets are here to stay and will be adopted by institutional markets as a highly relevant asset class,” Alex Manson, head of SC Ventures, told Reuters.

Thus Stanchart has become the latest mainstream financial player interested in crypto trading. Its timing is typical, coming after bitcoin (B T c) reduce 50% of your USD value, taking most altcoins with it.

Earlier, fellow banking giant HSBC publicly declared That it has no interest in entering this space, even though competitors want to woo institutional clients with their own in-house offerings. Meanwhile, domestic banks in the United States are expected to to open bitcoin trading collectively by the end of the year.

Standard Chartered stock price 1-day candle chart. Source: TradingView

Try not to leave the bank behind

as Cointelegraph Reported, meanwhile, pundits believe that it is ultimately a question of “if,” not “when” when it comes to the involvement of finance in legacy.

Rafael Polanski, Managing Director of Bourse Stuttgart Digital Ventures GmbH, Told Last week Cointelegraph said that crypto custody will also see a steady stream of interest from traditional banks. Here, however, there may be more reluctance to put skin in the game.

“We anticipate a number of strategic moves in a market where traditional banks will invest in crypto custodians rather than building their own solutions,” he said.

For its part, StanChart launched Zodia, a crypto custody venture, in late 2020.

“Zodia’s mission is to be a ‘force for good’ by raising industry standards for digital assets in a sustainable, secure and responsible manner,” Manson said in a statement. Press release those days.