A Normal Chartered PLC (STAN.L) unit intends to ascertain a cryptocurrency brokerage and trade platform in Britain and Europe, focusing on institutional shoppers, the financial institution mentioned on Wednesday.
The brand new trade shall be created by a three way partnership between SC Ventures, the financial institution’s innovation arm, and BC Know-how Group (0863.HK), which operates Hong Kong-licensed cryptocurrency trade OSL.
The transfer from Asia, Africa and Center East-focused StanChart is likely one of the strongest endorsements but from a mainstream lender for cryptocurrencies, as world banks juggle shoppers’ curiosity within the digital cash with issues about their dangers.
StanChart’s new platform will goal the European market, connecting institutional merchants with counterparties buying and selling bitcoin, ether and different digital property, the financial institution mentioned.
The transfer marks a distinction with StanChart rival HSBC, whose chief govt advised Reuters final month the financial institution has no plans to launch a buying and selling desk for cryptocurrencies. read more
“Now we have a powerful conviction that digital property are right here to remain and shall be adopted by the institutional market as a extremely related asset class,” mentioned Alex Manson of SC Ventures.
OSL was the primary cryptoexchange to be licensed by Hong Kong’s Securities and Futures Fee.
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