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Standard Chartered Bank Launching Cryptocurrency Exchange and Brokerage – News Bitcoin News

Major banking company Standard Chartered is launching a cryptocurrency change and brokerage service, giving its purchasers entry to cryptocurrencies, comparable to bitcoin and ether. Standard Chartered joins a rising listing of main banks worldwide which have embraced cryptocurrency.

Standard Chartered Bank Diving Into Crypto

Standard Chartered PLC (STAN.L) mentioned Wednesday that the financial institution’s innovation arm, SC Ventures, will set up a cryptocurrency brokerage and change platform.

The new change shall be a three way partnership between SC Ventures and BC Technology Group (0863.HK), a Hong Kong-based funding company specializing in digital property. BC Technology operates OSL, the primary cryptocurrency change to be licensed by Hong Kong’s Securities and Futures Commission.

Alex Manson, head of SC Ventures, commented:

We have a robust conviction that digital property are right here to remain and shall be adopted by the institutional market as a extremely related asset class.

“We are constructing the building blocks for a safe and reliable investment infrastructure,” Manson added.

Standard Chartered’s new cryptocurrency change platform and service shall be based mostly within the U.Ok. and goal the European market. It goals to attach institutional traders with counterparties buying and selling bitcoin, ether, and different digital property, the financial institution mentioned, including that it plans to launch the brand new service within the fourth quarter.

The announcement by Standard Chartered got here shortly after HSBC Chief Executive Officer Noel Quinn mentioned that his financial institution has no plans to launch a bitcoin buying and selling desk or every other cryptocurrency providers. HSBC has additionally modified its coverage to bar purchasers from holding shares of public firms which might be heavy into the crypto sector, like Microstrategy.

Meanwhile, Standard Chartered joins a rising listing of main banks which have embraced bitcoin, together with Morgan Stanley, Goldman Sachs, Citigroup, and DBS.

What do you concentrate on Standard Chartered launching a crypto change and brokerage service? Let us know within the feedback part under.

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