Standard Chartered to Launch UK-Based Institutional Crypto Exchange -- Financial News
02 Junho 2021 - 10:47AM
Dow Jones News
By Emily Nicolle
Of Financial News
Standard Chartered PLC is to launch a digital asset brokerage
and exchange platform for U.K. and European institutional and
corporate clients.
The new platform will be spearheaded as a joint venture between
StanChart's innovation unit SC Ventures and BC Group, a digital
asset firm which manages Hong Kong-licensed crypto exchange
OSL.
Based in the U.K. to target the European institutional crypto
market, the joint venture is as yet unnamed and subject to
regulatory approval. The new company will provide traders with
access to bitcoin, ether and other digital assets, and is set to
launch in the fourth quarter of 2021.
The move positions StanChart as a rival to some of the world's
biggest institutional crypto exchanges, including the Winklevoss
twins' Gemini, BitGo and London-based LMAX Digital.
Institutional and corporate investors alike have ploughed into
the cryptoasset space this year as bitcoin and other tokens took
off. Data collected by StanChart showed the total volume of trading
on major exchanges averages over $4 billion per day as of this
month, with a total market capitalization of over $1 trillion
across all cryptoassets.
StanChart joins investment banks Morgan Stanley, Goldman Sachs
Group Inc. and BNY Mellon among the Wall Street names getting in on
the action, as several lenders revealed plans to launch
cryptocurrency trading desks for clients earlier this year.
JPMorgan Chase & Co. also has a dedicated blockchain unit
named Onyx, focused on developing its own token JPM Coin and an
interbank payment network.
Meanwhile Tesla Inc., Square Inc. and MicroStrategy Inc. have
collectively bought billions of dollars worth of bitcoin for their
corporate treasuries.
The new company will offer brokerage and exchange services to
enable wider adoption and trading of cryptocurrencies by "the
world's largest and most demanding of investors," said Alex Manson,
head of SC Ventures.
"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," Mr. Manson added Wednesday.
SC Ventures' Nick Philpott will become the firm's chief
operating officer, while BC Group's chief information officer Usman
Ahmad will become CEO.
StanChart has already made several advances into
cryptocurrencies, including launching an institutional custody
service Zodia Custody through a strategic partnership with Northern
Trust in December.
It also took a stake in blockchain technology provider Metaco in
July, and said it was working with central banks in Thailand and
Hong Kong to explore blockchain-based cross-border money
transfers.
Website: www.fnlondon.com
(END) Dow Jones Newswires
June 02, 2021 09:38 ET (13:38 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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