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Home Markets Cryptos

Standard Chartered Bank plans European crypto exchange

Ajibola Akamo by Ajibola Akamo
June 2, 2021
in Cryptos, Financial Services
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Standard Chartered Bank, United Kingdom’s multinational banking and financial services company, plans to launch a cryptocurrency exchange. To achieve this, the bank has partnered with Hong Kong exchange owner, BC Technology Group, to launch a platform for the U.K. and European institutional market.

The bank has long expressed interest in the cryptocurrency market and this is their way of breaking into the space. The project will be handled by Standard Chartered Ventures, the innovation arm of the bank, but no timeline has been given for the launch.

READ: CBN Governor promises digital currency will come to Nigeria

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What they are saying

Alex Manson, Head of SC Ventures, in an interview with Reuters, stated, “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.”

Raphael Polansky, the managing director at Boerse Stuttgart Digital Ventures GmbH, mentioned last week that demand for cryptocurrencies from traditional banks will increase over time but in the short run, they may be more reluctant and sceptical especially now that the market has been getting a lot of backlashes from regulatory authorities in various countries.

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READ: Canadian Central Bank does not currently see a reason for issuing digital currency

He stated, “We foresee a lot of strategic moves in the market where traditional banks will invest in crypto custodians instead of building up their own solutions.”

Standard Chartered is now one of the latest mainstream financial players to show interest in cryptocurrency trading. The bank’s longtime rival, HSBC, publicly announced that it had no interest in entering the cryptocurrency market, even as competitors seek to meet institutional and client demand for cryptocurrency-based investments.

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What this means

With more traditional banks getting involved in cryptocurrencies, the notion that cryptocurrencies are speculative assets is being dispelled and the value of the crypto market is becoming clearer to investors, especially and with the global inflation rate which is expected to increase.

Standard Chartered share price is trading £505, currently up 0.52%.

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Tags: Standard Chartered Bank

Comments 3

  1. Pedro Emenike says:
    June 2, 2021 at 10:34 pm

    That’s a good way of making an impact into the global market!

    Reply
  2. Pedro Emenike says:
    June 2, 2021 at 10:41 pm

    Am much interested to know when d crypto currency exchange will b lunch by standard chartered and d Hong Kong exchange owner, btc technology group.

    Reply
  3. Chukukere, Leonard.Ahamefule says:
    June 2, 2021 at 11:38 pm

    Awesome, I think everyone seeing this should give it a try once in a while….. I Did&its an exciting time, soul enriching from the standard norm we see daily

    Reply

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