Standard Chartered, a bank with a presence in over 200 countries around the world, announced that it will start offering cryptocurrency trading services to its customers in Europe and the United Kingdom. It will offer both crypto-to-crypto and crypto-to-fiat trading services.

Standard Chartered has announced it will offer cryptocurrency trading services in the UK and Europe, as investors are flocking to the world’s most popular digital currency. The bank, which is present in more than 50 countries, said it would open two crypto trading accounts to retail customers. The accounts will be linked to a digital wallet that will allow customers to buy, sell and hold digital currencies.

The Standard Chartered unit has announced that it will offer electronic trading services for crypto currencies, starting with Bitcoin, Litecoin and Ethereum, in Europe, the Middle East and Africa, which has combined assets of approximately $450 billion. The firm says that this is the first step towards the introduction of cryptocurrency trading services into the traditional financial services sector.

Standard Chartered unit to offer crypto trading services in UK and Europe SC Ventures, the innovation and venture capital arm of global bank Standard Chartered, on Wednesday announced the launch of a cryptocurrency brokerage and trading platform for institutional clients in the UK and Europe, according to a statement.

Cryptocurrency for all

The unit will work with BC Technology Group, the parent company of regulated crypto platform OSL in Hong Kong, to provide the service. The group’s current CIO, Usman Ahmad, will become the CEO of the new company. We are very pleased to enter into this partnership to make secure and compliant trading of digital assets more accessible to institutional investors in Europe, said Wayne Trench, CEO of BC Group OSL, in a statement. He added that the move is part of OSL’s strategy of geographical expansion and broader growth. Alex Manson, managing director of SC Ventures, said the team firmly believes that cryptocurrencies are here to stay and will eventually be accepted by the institutional market as a highly relevant asset class. The new company will offer a brokerage and trading platform that allows the world’s largest and most sophisticated investors to join and trade safely, he added. It will be interesting to see which banks will join the cryptocurrency divisions and which will take a public stand against an entire asset class. I don’t know if custodians have the luxury of not dealing with cryptocurrencies at the moment – Ma/ya Zehavi (@mayazi) June 2, 2021

Other equipment

The partnership comes months after SC Ventures announced a strategic partnership with Northern Trust last December to launch Zodia Custody, an institutional-level cryptocurrency storage solution. Zodia is designed to allow institutions to invest in digital assets that transform the way financial markets work, including trading and settlement. Zodia is not Standard Chartered’s only crypto-currency, the bank also invests in the underlying technology. The company has already invested in blockchain technology provider Metaco and is working with the Bank of Thailand and the Hong Kong Monetary Authority to explore blockchain for cross-border money transfers. This development comes after institutional players have made significant strides in the cryptocurrency market. Last month, banks including JPMorgan, Morgan Stanley and Goldman Sachs announced their own cryptocurrency products or plans to launch their own cryptocurrency products, citing a maturing market and interest from high net worth investors. As the saying goes, the institutions are on a roll. Or they’re already here. It depends on how you look at it.

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Standard Chartered has announced the launch of a dedicated digital unit in its London office that will enable the bank’s clients to buy and sell cryptocurrencies, including Bitcoin, Ethereum, and Ripple. The new unit will be led by Chris Elphick, who has more than 20 years of experience managing a wide range of financial transactions, including foreign exchange, commodities, over-the-counter derivatives, and alternative assets. Jonathan Nicholson, Standard Chartered’s head of digital banking, was quoted as saying: “It is our ambition to provide clients with a comprehensive digital experience, as we want to make sure that they can bank with us anywhere, anytime, and on any device.”. Read more about elon musk cryptocurrency dogecoin price and let us know what you think.

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