Customary Chartered’s Enterprise Arm Builds Institutional Crypto Brokerage

SC Ventures, a enterprise capital arm of British banking large Customary Chartered, will group up with Chinese language funding holding firm BC Know-how Group to launch a brand new cryptocurrency brokerage and buying and selling platform.

“We’ve got 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,” SC Ventures’ head Alex Manson informed Reuters right now.

Per the report, the brand new platform is geared toward institutional buyers throughout the U.Okay. and Europe. It should permit them to commerce Bitcoin, Ethereum, and different cryptocurrencies. 

Notably, BC Know-how Group is already working OSL, the primary cryptocurrency change to obtain a license from Hong Kong’s Securities and Futures Fee.

“The brand new firm will present a brokerage and change platform to allow protected adoption and buying and selling by the world’s largest and most demanding buyers,” Manson added.

SC Ventures can be at the moment engaged on an institutional-grade cryptocurrency custody platform known as Zodia. To this finish, the agency partnered with financial services company Northern Trust final December.

Customary Chartered joins different banks

Different banks are taking a extra cautious stance on cryptocurrencies. 

Simply final week, Noel Quinn, the CEO of British funding financial institution HSBC, careworn that his group is “not into Bitcoin.”

“If our shoppers need to be there, then after all they’re, however we aren’t selling it as an asset class inside our wealth administration enterprise,” Quinn mentioned.

Earlier this 12 months, U.Okay. financial institution Natwest barred company clients who deal in cryptocurrency, pointing to warnings from the Monetary Conduct Authority that Bitcoin and different digital property are dangerous investments.

Not all banks are taking a damaging stance on cryptocurrency. BNY Mellon, one of many oldest banks within the U.S., lately launched a new cryptocurrency-focused outfit in Eire, permitting its shoppers to carry, switch, and challenge digital property.

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