Banking giant Standard Chartered is launching a cryptocurrency exchange and brokerage service, joining a growing list of major banks worldwide that have embraced these digital currencies.
It plans to offer its clients access to Bitcoin and Ether.
The bank said Wednesday that its innovation arm SC Ventures will establish a cryptocurrency brokerage and exchange platform. The new exchange will be a joint venture with BC Technology Group, a Hong Kong based investment company that specializes in digital assets.
BC Technology operates OSL, which is the first cryptocurrency exchange to be licensed by the Hong Kong Securities and Futures Commission.
Alex Manson, head of SC Ventures, said on this occasion:
“We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class.”
Standard Chartered plans to construct the building blocks for a safe and reliable investment infrastructure, adding that the new service will launch in the fourth quarter.
Based in the UK, the new cryptocurrency exchange and platform and service will target the European market. It will aim to connect institutional investors and counterparties trading Bitcoin, Ether, and other digital assets.
This announcement by Standard Chartered came shortly after HSBC chief executive office Noel Quinn said that the bank has no plans to launch a Bitcoin trading desk or any other cryptocurrency services.
In fact, HSBC also changed its policy to bar clients from holding stocks of public companies that are heavily into the crypto sector.
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