Another Large Bank Enters Crypto

July 28, 2020, by Maayan
The venture arm of Standard Chartered is working on an institutional cryptocurrency solution.

Banking Giant Seeks to Attract Big Client Money to Digital Currencies

The venture arm of Standard Chartered bank, SC Ventures, have recently confirmed that they are working on a product offering for institutional clients. This refers to customers with big money to invest, such as high-net worth individuals or investment funds.

The head of the venture group told reporters at Coin Desk that they were looking to create, “The most-secure crypto custody solutions on the market.”

He also added that as many as 20 large clients had already expressed interest in the project. According to the creators, institutional crypto investment has been slowed because the current offerings don’t provide the security required to store millions of dollars of digital assets.

Standard Chartered are headquartered in London, but operate globally, with 2019 revenues of $15 billion and total assets of around $720 billion. The move is the latest sign that a big bank is moving into the crypto space after JP Morgan had worked on creating their own stable coin. A secure offering from one of the world’s trusted multinational companies could be another key that unlocks the door to large investor monies, which could jack up the price of the top cryptocurrencies, like Bitcoin and Litecoin

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.

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