All banks have support for trading stocks with Demat accounts opened directly under them. And the phase where they also enter the crypto exchange market has also begun. Recently, Standard Chartered bank has announced that they will launch a crypto exchange that will let people buy and sell cryptocurrencies directly through them. This puts them at the top with the few banks that have embraced crypto.
Standard Chartered bank crypto exchange
The Standard Chartered bank is not establishing the crypto firm directly. It will rather be established by their innovation arm SC ventures. The new exchange will be formed in partnership with the BC Technology group based in hong-kong. Talking about the reason why they are entering this sector, the head of SC ventures said that they believe that digital assets will be adopted and will be treated as an asset class very soon.
The new exchange will be based in the UK and will mainly target the European market. They will also target the institutional investors in the country that trade BTC and ETH. It is not yet specified by the bank what other digital currencies will exchange support.
An opportunity for Standard Chartered bank!
In the US, there are a lot of banks that have already entered the crypto markets. But in Europe, the numbers are relatively low. One of the most famous banks (HSBC) in the country also showed their disliking for crypto, saying that they don’t plan to add a trading desk for the same. In fact, they even banned the trading of stocks that are holding Bitcoin on their balance sheet. This makes the new crypto exchange by Standard Chartered bank a big opportunity for them to have a market in Europe. This also means that they can also add stock trading services since Tesla and Microstrategy stocks have been removed from HSBC.
I am pretty sure if the bank does well, many other banks in Europe will also follow in its footsteps. Very soon, we could see a massive wave where banks embrace crypto in Europe just like it happened in the US.
What are your thoughts on Standard Chartered bank opening a new crypto exchange? And do you think it will be popular in Europe? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.