UK SC Opens Cryptocurrency Trading Platform

Photo by Bloomberg News

[Asia Economy Reporter Yujin Cho] The British bank Standard Chartered (SC) is reportedly creating a trading platform where users can buy and sell cryptocurrencies such as Bitcoin, Bloomberg reported on the 2nd (local time).

According to the report, SC Ventures, the venture investment arm under SC, announced that it will establish a joint venture company with BC Technology Group, a Hong Kong-based cryptocurrency exchange operator, to launch a cryptocurrency trading platform.

With the goal of starting operations in the fourth quarter of this year, the platform will provide institutional investors in the UK and Europe the ability to trade cryptocurrencies such as Bitcoin and Ethereum.

Alex Manson, CEO of SC Ventures, said, "Digital assets have become part of everyday life," adding, "Our goal is to build a safe and reliable investment infrastructure."

BC Technology Group operates the cryptocurrency exchange OSL, having received approval from the Hong Kong Securities and Futures Commission (SFC) last year.

Foreign media have evaluated this plan as the strongest move by a mainstream financial institution regarding cryptocurrencies.

The report contrasted this with the recent statement by Noel Quinn, CEO of the British bank HSBC, who said that considering the high volatility of cryptocurrencies, they have no plans to recommend investments to customers or operate a cryptocurrency trading platform.

This content was produced with the assistance of AI translation services.