StanChart Unit to Launch Cryptocurrency Trading Platform
By Alun John and Lawrence White
HONG KONG / LONDON (Reuters) – A unit of Standard Chartered PLC intends to establish a cryptocurrency brokerage and exchange platform in Britain and Europe, targeting institutional clients, announced Wednesday the bank.
The new exchange will be created by a joint venture between SC Ventures, the bank’s innovation arm, and BC Technology Group, which operates the OSL licensed cryptocurrency exchange from Hong Kong.
StanChart’s move, focused on Asia, Africa and the Middle East, is one of the strongest endorsements to date from a traditional lender for cryptocurrencies as global banks juggle l ‘Customer interest in digital parts with concerns about their risks.
StanChart’s new platform will target the European market, connecting institutional traders with counterparties trading bitcoin, ethers and other digital assets, the bank said.
The move contrasts with StanChart’s rival HSBC, whose chief executive told Reuters last month that the bank had no plans to launch a cryptocurrency trading desk.
“We have a firm belief that digital assets are here to stay and will be adopted by the institutional market as a very relevant asset class,” said Alex Manson of SC Ventures.
OSL was the first crypto exchange to be licensed by the Hong Kong Securities and Futures Commission.
(Reporting by Alun John in Hong Kong and Lawrence White in London; Editing by Jason Neely and Jan Harvey)