A Bank by the name Standard Chartered PLC (STAN.L) unit, has said she intends to establish a cryptocurrency brokerage and exchange platform in UK and Europe, thereby targeting institutional clients.
The move which is from Asia, Africa and Middle East, is absolutely band very focused. Recall that StanChart is one of the strongest endorsements, which is from a mainstream lender for cryptocurrencies, as global banks juggle clients’ interest in the digital coins with concerns about their risks.
According to the bank, this development, means that StanChart’s new platform will focus on the European market, thereby connecting institutional traders, with counterparties trading bitcoin, either or together with other digital assets,
This new exchange will be created by a joint venture between SC Ventures, the bank’s innovation arm, and BC Technology Group (0863.HK), which operates Hong Kong-licensed cryptocurrency exchange OSL.
However, the move marks a contrast with StanChart rival HSBC, whose chief executive had informed Reuters last month that the bank has no plans to launch a trading desk for cryptocurrencies.
Meanwhile, Alex Manson of the SC ventures in his opinion said the company has a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class.