The global commercial bank i.e. Standard Chartered Bank (SCB) is aiming towards launching crypto services. For this purpose, SCB has announced the development of a crypto exchange and brokerage house where the business will be based on crypto and digital assets. The bank wants to facilitate its clients who are interesting in Bitcoin and other notable cryptocurrencies.
On one hand, there is a talk that Bitcoin is inherently flawed and has no fundamental value. On the other side, Bitcoin’s adoption is at its peak by global companies as well as world-famous banking institutions. However, there are some of the global prominent banks who are under the great influence of their respective Central Banks. Globally, the Central Banks are not encouraging Bitcoin’s adoption and instead of propagating against cryptocurrencies. But even that propaganda has failed to stop prominent members of the global banking sector to join the crypto world.
A global bank, who has been influenced by Bitcoin’s performance, is the Standard Chartered Bank PLC (SCB), a global bank. SCB is currently one of the biggest players in the global banking sector, having its branches in almost every country. SCB also has a special department within itself called the “SC Ventures”. The purpose of this specialized department is to keep a close eye on innovation and, if necessary, ensure its adoption.
It has now been announced by SCB that SC Ventures will be developing a crypto trading & exchange platform along with crypto brokerage. The crypto exchange is going to be established through a partnership between SC Ventures and a Hong-Kong based group namely BC Technology Group. BC Technology Group is in fact an investment company whose focus is towards the encouragement of investment in the digital asset industry. The group already operates a crypto exchange called “OSL” which is the first licensed crypto exchange firm registered with Hong Kong’s Securities Commission.
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SC Ventures’s Alex Manson remarked that SCB has a firm belief that the financial industry has room for the digital asset industry. In addition, digital assets have become highly adaptable assets and therefore they are here to stay. With the new partnership, SCB along with its partner, will work towards introducing a reliable and safe environment of investment, said Manson.
Manson told further that SCB’s crypto trading and exchange platform will be launched in the UK. The aim of this platform would be to seek out investors from European countries. The platform would want to welcome institutional investors who will then be introduced to third parties involved in digital assets trading. The third parties would preferably be those whose major trading revolves around the best and leading cryptocurrencies such as Bitcoin etc.
It is expected that SCB’s crypto trading arm will be established within the 4th business quarter of the present year.