Standard Chartered is planning to establish a UK-based cryptocurrency brokerage and exchange for clients in the UK and Europe.
According to Standard, the new platform will enable clients to trade popular digital currencies such as Ethereum and Bitcoin. Subject to regulatory approvals, it is expected to launch in the fourth quarter of this year.
The bank’s technology arm – SC Ventures – will partner with Hong Kong-located investment firm BC Technology Group and parent of Hong Kong Securities and Futures Commission-licensed digital asset platform OSL on the development of the platform.
BC chief information officer Usman will be appointed CEO of the firm, while SC Ventures venture lead Nick Philpott will become COO.
Standard noted the move to launch the platform ‘is the biggest signifier yet of mainstream banks easing their stance on cryptocurrency’, which it claimed has seen a huge boost in popularity over the last year.
OSL CEO Wayne Trench said, “We’re thrilled to enter into this partnership to make secure and compliant digital asset trading more accessible to institutional investors in Europe.
“Standard Chartered and SC Ventures are known globally as leaders in fintech innovation and banking, and the partnership fits with our geographical expansion and growth strategy as it allows OSL to rapidly enter the European market with a leading partner.”
SC Ventures head Alex Manson added, “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.”
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