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Standard Chartered is launching a cryptocurrency exchange and brokerage service, giving its clients access to cryptocurrencies, such as bitcoin and ether. Standard Chartered joins a growing list of major banks worldwide that have embraced cryptocurrency.
Standard Chartered PLC (STAN.L) revealed on Wednesday that the bank’s innovation arm, SC Ventures, will establish a cryptocurrency brokerage and exchange platform.
The new exchange will be a joint venture between SC Ventures and BC Technology Group (HK), a Hong Kong-based investment company specializing in digital assets. BC Technology operates OSL, the first cryptocurrency exchange to be licensed by Hong Kong’s Securities and Futures Commission.
Standard Chartered is constructing the building blocks for a safe and reliable investment infrastructure.
Standard Chartered’s new cryptocurrency trading platform and service will be based in the U.K. and is aimed in targeting the European market. It aims to connect institutional investors with counterparties trading bitcoin, ether, and other digital assets, the bank said, adding that it plans to launch the new service in the fourth quarter.