Standard Chartered, BC Group form joint venture to offer cryptocurrencies trading in Europe

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cryptocurrencies

Standard Charted led a partnership contract with Hong Kong-based digital asset firm BC Group for a UK joint venture. In other words, they will offer brokerage and exchange trading services for bitcoin and other cryptocurrencies.

The officials are planning to launch this venture in the fourth quarter. The main focus of this joint venture is servicing institutional and corporate clients in the UK and Europe. The official launch is still pending and waiting for final approval.

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A unit of Standard Chartered, SC ventures started a joint venture with Hong Kong-listed BC Group. OSL the subsidiary of BC Groups’ was the first-ever digital-asset platform to be licensed by the Securities and Futures Commission under the city’s new regime for virtual asset trading platforms.

Standard Chartered and BC Group comes together to offer cryptocurrencies 

Alex Manson, head of SC Ventures stated a statement that signifies the importance of digital assets in today’s era. They followed the same approach as followed by leading commercial banks, expanding their services and including in it the cryptocurrencies, heeding growing demand from their clients. For instance, DBS launched its very own digital exchange for institutional and accredited investors in December.

In the recent news, the market capitalization of all the cryptocurrencies has gone above US$1 trillion which is actually double of JPMorgan Chase, the Biggest American Bank. Though the bitcoin has lost its value by 38% in the last month it has still more than tripled over the past year. Above all, bitcoin is still peaking at more than US$64,000.

This new joint venture will be led by Usman Ahmad, BC Group’s chief information officer. Nick Philpott , a member of SC Ventures will be the chief operating officer of this new venture.

Aim of the New Venture – Offer Cryptocurrencies

The new venture will aim at providing trading services for digital currencies. This includes Bitcoin, Ethereum, and other digital assets, mainly targeting the European market. The leverage of OSL’s digital asset technology and Standard Chartered’s access to the European markets will be the main focus.

In addition, SC Ventures was established in 2018 and was leading innovation across the Standard Chartered Group. Its main activities include investing in financial technological companies (fintech) and promoting the testing and implementation of new business models.

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