Another Giant Enters: Standard Chartered Bank Launches Crypto Services for High Net Worth Customers

Standard Chartered, one of Europe’s leading banks, recently announced plans to open a cryptocurrency exchange and brokerage business platform in the UK and Europe.

Standard Chartered, one of Europe’s leading banks, recently announced plans to open a cryptocurrency exchange and brokerage business platform in the UK and Europe.

The business customers will be mainly institutional investors. According to a June 2 Reuters report, a subsidiary of Standard Chartered is planning to launch a crypto trading platform in the U.K. and Europe. The platform will be created by a joint venture between BC Technology Group, which is licensed to trade cryptocurrencies in Hong Kong, and SC Ventures, the innovation arm of Standard Chartered.

According to news reports, the trading and brokerage platform will focus on the European market in order to connect high-net-worth clients with trading platforms for trading bitcoin, ethereum and other major crypto assets.

Another Giant Enters: Standard Chartered Bank Launches Crypto Services for High Net Worth Customers

Standard Chartered plans to offer its crypto asset business services to institutional traders, a fresh endorsement of the new asset class by a major bank.

Alex Manson, head of the company’s innovation arm SC Ventures, said the plans for the crypto trading and brokerage business will target institutional clients.

We are confident that crypto assets are here to stay and will be embraced by the institutional market as a highly relevant asset class,” Manson noted. We are building the cornerstone of a safe and secure investment infrastructure.”

The platform is expected to launch in the fourth quarter of this year with Usman Ahmad, BC Group’s chief information officer, as CEO and Nick Philpott of SC Ventures as chief operating officer.

Standard Chartered’s move to establish a crypto exchange and brokerage platform comes at a critical time, as global demand for institutions interested in accessing and joining the crypto space continues to grow, despite the negative press about it and tightened regulation in some Asian countries.

Wall Street continues to embrace crypto assets. The recent climb in the price of Bitcoin and other cryptocurrencies, coupled with the listing of the Coinbase exchange on the Nasdaq stock exchange, has helped legitimize the asset class and quell many critics.

Despite the recent downturn in the cryptocurrency market, many Wall Street banks have struggled to offer bitcoin services to their clients over the past month.

One crypto asset custody provider, NYDIG, announced a service on May 5 that will bring bitcoin to hundreds of institutions in the United States. Thanks to a partnership with fintech firm Fidelity National Information Services, customers of participating U.S. banks will be able to buy, hold and trade BTC using their existing accounts.

The revelation comes after many major banking institutions have begun accepting cryptocurrencies despite years of widespread opposition. Citi announced on May 7 that it was considering entering the lucrative cryptocurrency market, citing high customer interest.

And then on May 10, UBS said it was considering offering its high-net-worth clients a variety of options in cryptocurrencies.

This move by Standard Chartered signifies that the major banks still maintain a strong interest in the crypto space.

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