United Kingdom based multinational banking and financial services company Standard Chartered (StanChart) is launching a cryptocurrency exchange, reports say.
According to Reuters on June 2, StanChart has partnered with Hong Kong exchange owner BC Technology Group to launch a platform for the U.K. and European institutional market.
Standard Chartered: Crypto is “here to stay”
The bank has long touted interest in the cryptocurrency sphere, and news of the launch follows various efforts to enter the crypto trading arena.
The project will be handled by SC Ventures, the innovation arm of the bank, with no deadline for activities to begin yet named.
“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,” Alex Manson, head of SC Ventures, told Reuters.
StanChart thus becomes the latest mainstream financial player to pledge an interest in crypto trading. Its timing is conspicuous, coming after Bitcoin (BTC) shed 50% of its USD value, taking