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A brand of Commonplace Chartered is displayed at its important department in Hong Kong, China, Aug. 1, 2017. REUTERS/Bobby Yip/File Photograph
A Commonplace Chartered PLC (STAN.L) unit intends to determine a cryptocurrency brokerage and alternate platform in Britain and Europe, concentrating on institutional shoppers, the financial institution mentioned on Wednesday.
The brand new alternate might be created by a three way partnership between SC Ventures, the financial institution’s innovation arm, and BC Expertise Group (0863.HK), which operates Hong Kong-licensed cryptocurrency alternate OSL.
The transfer from Asia, Africa and Center East-focused StanChart is without doubt one of the strongest endorsements but from a mainstream lender for cryptocurrencies, as international banks juggle shoppers’ curiosity within the digital cash with issues about their dangers.
StanChart’s new platform will goal the European market, connecting institutional merchants with counterparties buying and selling bitcoin, ether and different digital property, the financial institution mentioned.
The transfer marks a distinction with StanChart rival HSBC, whose chief govt advised Reuters final month the financial institution has no plans to launch a buying and selling desk for cryptocurrencies. read more
“Now we have a robust conviction that digital property are right here to remain and might be adopted by the institutional market as a extremely related asset class,” mentioned Alex Manson of SC Ventures.
OSL was the primary cryptoexchange to be licensed by Hong Kong’s Securities and Futures Fee.
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