The crypto market continues to expand and expand to stimulate the appetite of traditional financial institutions, which are rushing to ride the wave and take advantage of the current momentum around this young financial market.

Standard Chartered is a British multinational banking and financial services company headquartered in London, England.

Standard Chartered has a network of more than 1,200 branches and outlets in more than 70 countries and employs approximately 87,000 people worldwide.

SC Ventures, the innovation arm of Standard Chartered, has established a joint venture with BC Technology Group, which already operates a Hong Kong-licensed OSL cryptocurrency exchange, to provide crypto brokerage and exchange services in the UK and Europe.

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The new trading platform is scheduled to be launched in the last quarter of 2021 and will only target institutional and corporate clients.

Mention press release Standard Chartered said the new cryptocurrency trading platform will be based in the UK and will initially target European markets.

The prospective platform will connect institutional traders with counterparties who trade in several cryptocurrencies such as Bitcoin and Ethereum.

Alex Manson of SC Ventures said:

We firmly believe that cryptocurrencies are here to stay and will be adopted by the institutional market as a closely related currency class.

The European project will use Standard Chartered’s global network and brokerage expertise to provide and facilitate market access for clients, while BC Group will be the primary technology provider.

In addition, Zodia Custody, another collaborative entity between Standard Chartered and the Chicago-based Northern Trust, was chosen to maintain the cryptocurrency.

Wayne Trench, CEO of OSL, said:

Standard Chartered and SC Ventures are globally recognized as leaders in financial technology and banking innovation, and the partnership fits with our expansion and geographic growth strategy as it allows OSL to rapidly enter the European market with a partner that is a leader in its field.

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The new joint venture will be led by Osman Ahmed, who is currently the CIO of BC Group, while Nick Philpott of SC Ventures will be the COO.

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Institutional push for cryptocurrency continues:

Standard Chartered is one of the major lenders that have been heavily involved in cryptocurrency over the past years.

Standard Chartered offers cryptocurrency custody services and is working on other fronts to take advantage of blockchain technology.

Earlier, Singapore-based DBS started offering a cryptocurrency trading platform to users in Asia.

Many of the major global lenders offer some sort of cryptocurrency exposure to wealthy clients in direct and indirect ways.

However, few banks remain hostile to cryptocurrencies.

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