Standard Chartered has launched a digital asset trading service for institutional traders in the UK and Europe.
The UK bank’s innovation unit, SC Ventures, has formed a joint venture (JV) with Hong Kong-based BC Group to develop a digital asset brokerage and exchange platform.
BC Group, which owns the Hong Kong-licensed digital asset platform OSL, will provide the underlying technology while SC will bring its brokerage expertise and access to European markets.
According to a statement, the project is designed to connect institutional traders to counterparties across markets, delivering access to deep pools of liquidity in bitcoin, ethereum and other crypto assets.
The project is expected to launch in the final quarter of the year. It will be based in the UK and initially focus on the UK and European market. BC Group chief information officer Usman Ahmad will be CEO of the new company while SC Ventures’ Nick Philpott will be COO.
The announcement comes on the back of partnership struck between SC Ventures and asset servicer Northern Trust in December 2020 to develop a digital custody service for institutional investors called Zodia Custody.
“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 Mason of SC Ventures.
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