By Alun John and Lawrence White
HONG KONG/LONDON (Reuters) -A Normal Chartered PLC unit intends to determine a cryptocurrency brokerage and change platform in Britain and Europe, concentrating on institutional shoppers, the financial institution stated on Wednesday.
The brand new change shall be created by a three way partnership between SC Ventures, the financial institution’s innovation arm, and BC Expertise Group, which operates Hong Kong-licensed cryptocurrency change OSL.
The transfer from Asia, Africa and Center East-focused StanChart is without doubt one of the strongest endorsements but from a mainstream lender for cryptocurrencies, as international banks juggle shoppers’ curiosity within the digital cash with considerations about their dangers.
StanChart’s new platform will goal the European market, connecting institutional merchants with counterparties buying and selling bitcoin, ether and different digital property, the financial institution stated.
The transfer marks a distinction with StanChart rival HSBC, whose chief government instructed Reuters final month the financial institution has no plans to launch a buying and selling desk for cryptocurrencies.
“We now have a robust conviction that digital property are right here to remain and shall be adopted by the institutional market as a extremely related asset class,” stated Alex Manson of SC Ventures.
OSL was the primary cryptoexchange to be licensed by Hong Kong’s Securities and Futures Fee.
(Reporting by Alun John in Hong Kong and Lawrence White in London; Modifying by Jason Neely and Jan Harvey)