Standard Chartered’s innovation and venture unit is working on a crypto brokerage
- SC Ventures, the innovation and venture unit of British banking giant Standard Chartered, has partnered with BC Group, a parent company of regulated Hong Kong-based crypto exchange OSL. OSL will further enable SC Ventures to launch an institutional crypto brokerage for U.K. and European clients.
- As reported by The Block, Sc Ventures and BC Group will set up a joint venture in the U.K., where the crypto brokerage firm will be based. Institutional traders will then be able to trade between counterparties with Bitcoin and Ether. The launch of the joint venture is set to happen in the fourth quarter of 2021, depending on regulatory approvals.
“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.”
- In December 2020, SC Ventures also with Northern Trust, a leading provider of asset servicing, to launch an institutional crypto custody service, Zodia Custody.
- Furthermore, SC Ventures also invested in Metaco, a blockchain technology provider and is reportedly working with The Bank of Thailand and the Hong Kong Monetary Authority to explore distributed ledger interoperability for cross-border payment systems, as reported by Coindesk.
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