A Standard Chartered PLC unit intends to establish a cryptocurrency brokerage and exchange platform in Britain and Europe. The bank said that this targets the institutional clients. The new exchange will be created by a joint venture between SC Ventures, the bank’s innovation arm, and BC Technology Group. This operates Hong Kong-licensed cryptocurrency exchange OSL.
StanChart is one of the strongest endorsements yet from a mainstream lender for cryptocurrencies. This is because the global banks juggle client’s interest in the digital coins with concerns about their risks. The move from Asia, Africa and Middle East-focused in the Stanchart. The Stanchart’s new platform will target the European market. The bank said that this connects institutional traders with counterparties trading bitcoin, ether and other digital assets.
StanChart rival HSBC’s chief executive told last month that the bank has no plans to launch a trading desk for cryptocurrencies. Alex Manson of SC Ventures said that they have a strong conviction that digital assets are there to stay and will be adopted by the institutional market as a highly relevant asset class. OSL was the first cryptoexchange to be licensed by Hong Kong’s Securities and Futures Commission.