British multinational financial institution Standard Chartered, also referred to as StanChart, has announced intentions to launch crypto trading desks. The new development will be offered to its institutional clients in Britain and Europe. It will also be a part of the technology arm of the bank.
The trading desk is structured to offer institutional clients with several benefits and features. It will function as a virtual asset brokerage and exchange platform. Clients in Europe and Britain will be able to trade and manage their Bitcoin, Ethereum, and other digital assets.
Standard Chartered was established in 1969 and has remained a leading financial entity offering its services across the globe. In 2020, it was revealed that the institution has over $1 trillion in its assets under management.
Reuters reported that the platform will involve a partnership that will include SC ventures, the bank’s own technology arm, and BC Technology Group. BC Technology operates in Hong Kong as a licensed cryptocurrency exchange OSL.
Standard Chartered Executives Believes Crypto is Here to Stay
The recent move by the financial institution follows several optimistic comments about cryptocurrencies by the bank officials. The bank had given hints about the possibility of launching a Bitcoin custodial service last year. Its counterpart, HSBC, cancelled out involvement in cryptocurrencies.
Alex Manson of SC Ventures has asserted a strong conviction for cryptocurrencies. He stated that virtual assets are here to stay and will be accepted by the institutional markets. The CEO of StanChart, Bill Winters, made a statement supporting crypto and predicting its adoption as inevitable. According to him, entities with government backing will lead the process.
Furthermore, the move by Standard Chartered places it as a solid rival to large institutional crypto exchanges including Gemini, BitGo, and LMAX Digital. Once the trading desk is set rolling, StanChart will join the league of banks including Morgan Stanley, Goldman Sachs and BNY Mellon in cryptocurrency offerings.
