Billion-Dollar Bank Standard Chartered Prepares New Crypto Prime Brokerage: Report
The British multinational financial institution Customary Chartered is reportedly planning to arrange a chief brokerage for crypto buying and selling.
Citing folks conversant in the matter, Bloomberg reports that the banking big with $849 billion in complete property will function the brand new enterprise inside its wholly owned enterprise capital unit SC Ventures.
The sources say that discussions are nonetheless at an early stage and it’s not but clear when the service will launch.
Final month, SC Ventures introduced in a post on the skilled networking platform LinkedIn that it’s growing a digital asset enterprise referred to as Project37C to serve rising institutional demand for digital asset alternatives. The Singapore-based monetary providers agency didn’t identify any exterior accomplice for the three way partnership.
“This three way partnership will complement the broader Customary Chartered digital asset ecosystem, spanning custody, tokenisation, and market entry and goals to carry institutional-grade innovation to this fast-evolving area.”
The report says housing the brand new enterprise inside SC Ventures might assist Customary Chartered keep away from the strict capital necessities for digital property at the moment imposed on banks.
Below the Basel III guidelines for the worldwide banking sector, banks face 1,250% danger cost for publicity to unbacked crypto property comparable to Bitcoin (BTC) and Ether (ETH).
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