Business and Brands
Standard Chartered Bank Plans European Crypto Exchange
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.
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.
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.
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.
- Top Stories18 hours ago
Tinubu Deliberately Put Northerners In Key Places – Ribadu
- Entertainment6 hours ago
Guinness World Record: Davido, Sowore Turn Up To Support Chess Master, Onakoya
- News17 hours ago
Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 19th April 2024
- Top Stories6 hours ago
Court Discharges, Acquits Ex-AGF Adoke Of Money Laundering
- Business and Brands6 hours ago
UBA America Strengthens Commercial Diplomacy, Hosts Diplomats, Business Leaders at World Bank Summit in Washington.
- Politics18 hours ago
Israeli Missiles Hit Iran, Iraq And Syria
- Entertainment18 hours ago
Nollywood Eniola Ajao’s movie ‘Ajakaju’ rakes over N200 million in cinemas
- Top Stories18 hours ago
Resolutions of PDP NEC meeting emerges [FULL TEXT]