The UK banking giant will partner with Hong Kong-based BC Group on the deal, targeting UK and European institutional investors
Standard Chartered and BC Technology Group will launch a digital asset brokerage and exchange platform for institutional investors in the UK and Europe.
In particular, SC Ventures, the technology arm of Standard Chartered, and OSL, a Hong Kong-based regulated crypto exchange managed by the BC Group, will be involved in the venture. The aim of the project is to give institutional and corporate customers a “safe and reliable investment infrastructure“Said Alex Manson of SC Ventures.
“We firmly believe that digital assets will remain and will be accepted by the institutional market as a highly relevant asset class.” he added in a press release.
According to the two companies, the new platform is expected to go live in the fourth quarter of 2021 when the regulators give the all-clear. Customers will have access to Bitcoin and Ethereum, as well as other major digital assets.
Incidentally, the partnership with BC Group for crypto assets follows the launch of Zodia Custody last December, a product that the bank said would enable its institutional customers to keep digital assets safe and compliant with the law.
The team leading the new project will be led by Usman Ahmad, BC Group’s CIO, and Nick Philpott, a former Executive Director at Standard Chartered. Ahmad will take on the position of CEO while Philpott is the COO of the new UK brokerage and exchange platform.
Standard Chartered’s plans for a brokerage and exchange platform come just days after banking and financial services giant HSBC said it had no such plans. The bank’s CEO Noel Quinn told Reuters last week that HSBC will not be giving its clients access to digital assets or opening a trading desk due to volatility.
Bitcoin, which slumped to an all-time high of $ 64,863 after a rally, is poised to break back towards $ 40,000. After hitting lows of $ 30,000, BTC price has rebounded to around $ 38,000 at the time of writing (up nearly 6% over the past 24 hours).