British banking giant Standard Chartered is leaping into the crypto industry. The bank’s innovation and ventures unit, SC Ventures, is collaborating with an Asian partner to launch a digital asset brokerage and exchange platform for institutional and corporate clients in the UK and Europe.
It will initially target the European market, connecting institutional traders to counterparties in order to deliver deep pools of liquidity in Bitcoin, Ethereum and other digital assets.
According to the announcement, Standard Chartered is partnering with the leading public fintech and digital asset company in Asia, BC Technology, which operates the Hong Kong-licensed cryptocurrency exchange OSL.
The bank’s expansion into crypto trading marks another leap forward for the industry. Headquartered in the UK, Standard Chartered PLC ranks 43rd among banks around the world and currently manages just over $720 billion.
Head of SC Ventures Alex Manson wants to ensure that the company is prepared to ride the crypto wave as adoption from institutional investors