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Standard Chartered to launch crypto exchange for institutional clients in UK and Europe

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Shivangi Mujumdar Follow

CBW -External Analyst

INDIA

Jun, 04 2021

Jun, 04 2021

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Standard Chartered has announced the launch of institutional crypto brokerage and exchange in Europe. IStandard Chartered, the british banking giant has plans to launch an institutional crypto brokerage and exchange for European and U.K. clients. 


Highlights of this announcement: 


  • Standard Chartered plans to introduce an institutional crypto brokerage and exchange for European clients. 


  • Standard Chartered’s SC Ventures has united with BC Group, the parent company of the Hong Kong-regulated crypto exchange OSL to implement the initiative. 


  • At the end, Standard Chartered's innovation and ventures unit SC Ventures was united with BC Group. The parent company of Hong Kong is regulated with the crypto exchange OSL. 


BC Group and SC Ventures will set up a joint venture in the U.K. It was to connect institutional traders to counterparties and let them trade in cryptocurrencies for bitcoin (BTC) and ether (ETH). This joint venture goal is to launch in the fourth quarter of 2021, with regards to the regulatory approvals. 


The chief information officer of BC Group, SC Ventures will be the CEO of the new unit. Nick Philpott, former decision-making director and head of market building at Standard Chartered and now venture lead at SC Ventures, will be COO of the joint venture. 


The stand he takes was like this- “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," mentioned Alex Manson. The new company will deliver a brokerage and exchange platform to allow safe adoption and trading by the world’s largest and most demanding investors. 


SC Ventures is also in the process of launching an institutional crypto custody service, Zodia Custody. For that advantage, SC Ventures partnered with Northern Trust last December. 


SC Ventures is also an investor in the Swiss blockchain firm Metaco. It is collaborating with the Bank of Thailand and the Hong Kong Monetary Authority. It was done to explore blockchain interoperability for cross-border fund transfers. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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