Daily Management Review

Cryptocurrency Trading Platform To Be Launched By Standard Chartered


Cryptocurrency Trading Platform To Be Launched By Standard Chartered
A new brokerage and exchange platform in Britain and Europe will be launched by a unit of the Standard Chartered Plc and the new services will be offered to primarily to institutional clients in Britain and Europe, the bank said recently.
A joint venture between SC Ventures, the innovation arm of Standard Chartered, and BC Technology Group, will be responsible for creating the new exchange. The Hong Kong licensed crypto currency exchange OSL is operated by the BC Technology Group.
Even while large global banks are considering the interest of clients in crypto currencies and the concerns surrounding the risks associated with the digital coins at the same time, this move by the lender whose business us focused in the markets of Asia, Africa and the Middle East, is being viewed as one of the strongest endorsements yet of digital currencies from one of the mainstream lender for crypto currencies.
The bank said that the European market will be targeted by the new platform by Standard Chartered and this new platform will seek to connect the institutional traders with counterparties that trade in bitcoin, ether and other digital assets.
This move by Standard Chartered is in sharp contrast with the stance on crypto currencies of its rival HSBC. Last month, in an interview to the media, the chief executive of Standard Chartered had said that the lender had no plans for launching any trading desk for crypto currencies at the moment. 
"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," said Alex Manson of SC Ventures.
The first crypto currency exchange to be awarded a license by Hong Kong’s Securities and Futures Commission was the one operated by OSL.