Standard Chartered Bank plans to conduct a European cryptocurrency exchange after HSBC says “no” to the industry

According to reports, the UK-based multinational bank and financial services company Standard Chartered Bank (StanChart) is launching a cryptocurrency exchange.

according to Reuters On June 2, Standard Chartered Bank and the Hong Kong Stock Exchange owner BC Technology Group launched a platform for the UK and European institutional markets.

Standard Chartered Bank: Cryptocurrency “will continue to exist”

Bank for a long time Tout interest In the field of cryptocurrency, the announcement was made after various efforts to enter the field of crypto trading.

The project will be handled by SC Ventures, the bank’s innovation arm, and the deadline for the start of the event has not yet been determined.

Alex Manson, head of SC Ventures, told Reuters: “We firmly believe that digital assets will continue to exist and will be adopted by the institutional market as a highly relevant asset class.”

Standard Chartered Bank has thus become the latest mainstream financial institution to commit an interest in crypto transactions. Its timing is obvious, following Bitcoin (Bitcoin) Depreciated 50% of the dollar value and took away most of the altcoins.

Earlier, HSBC, also a banking giant, Publicly announced It has no interest in entering this field, even if competitors try to attract institutional customers through their own internal products.At the same time, U.S. domestic banks are expected to turn on Bitcoin transactions a lot of By the end of this year.

1-day candlestick chart of Standard Chartered stock price. Source: TradingView

Try not to fall behind the bank

As Cointelegraph ReportAt the same time, experts believe that when it comes to legacy financial participation, it is ultimately a question of “if” rather than “when”.

Raphael Polansky, Managing Director of Boerse Stuttgart Digital Ventures GmbH tell Cointelegraph said last week that traditional banks will also continue to focus on cryptocurrency custody. However, here, you may be more reluctant to put skins in the game.

“We foresee many strategic moves in the market. Traditional banks will invest in cryptocurrency custodians instead of building their own solutions,” he said.

For its part, Standard Chartered Fired At the end of 2020, Zodia, an encrypted custody company.

“Zodia’s mission is to raise the industry standard for digital assets in a sustainable, safe and responsible manner, and become a’power for good’,” Manson said in a statement. Press release then.