British multinational financial services company Standard Chartered is partnering with BC Technology to launch crypto brokerage. Standard Chartered is making its first move into the crypto space amid the growing global adoption of cryptocurrencies.
According to the head of Standard Chartered Ventures, Alex Manson, cryptocurrencies “are here to stay.” Manson said he is convinced that crypto will continue to survive as the institutional market will adopt it as a highly relevant asset class.
Standard Chartered plans that the service will be based in the UK and will initially target the European market. The British bank and BC Technology will be offering access to liquidity pools from other counterparties. With this, the joint ventures hope to attract institutional traders.
Standard Chartered has joined the train of Wall Street banks, which have integrated crypto services this year. Before now, Goldman Sachs, Morgan Stanley, and J.P Morgan have all made similar moves. Goldman Sachs researcher, Jeff Currie, said in a recent statement that crypto is a potential institutional asset class. Currie added that ETH could be the number one chain in the coming future.
However, HSBC CEO Neil Quinn said the bank does not have plans to move into Bitcoin due to the coin’s volatility. Quinn specified that HSBC would not promote BTC as an asset class.
Additionally, Morgan Stanley has launched new investment funds with indirect exposure to Bitcoin.
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