Standard Chartered Plc is introducing a joint venture to trade virtual currencies such as Bitcoin. The decision was taken days after Standard Chartered’s biggest rival HSBC Holdings Plc said it will swerve the crypto trading craze.
On Wednesday, The London-headquartered bank said that its technology arm, SC Ventures, would establish a partnership with BC Technology Group Ltd. The partnership Company is a Hong Kong-based investment company specializing in digital assets.
Alex Manson who’s the head of Standard Chartered Ventures, said he had a “strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class.” “We are constructing the building blocks for a safe and reliable investment infrastructure,” Manson told.
The bank’s upcoming partnership will be based in the U.K. and target the European market, supporting institutional traders to find counterparties. It will provide trading in virtual currencies including Bitcoin and Ethereum and opens for business in the fourth quarter.
By contrast, HSBC Chief Executive Officer Noel Quinn said last week that his firm will not offer virtual currencies to customers given its volatility.
