Standard Chartered Joins Forces With BC Group to Establish Institutional Digital Asset Trading Venture in Europe

This article was originally published on this site

SC Ventures, the venture unit of Standard Chartered Bank, announced on Wednesday it has joined forces with digital asset company BC Group to establish digital asset brokerage and exchange for institutional, as well as corporate clients, in the UK and Europe.

According to the duo, BC Group Chief Information Officer, Usman Ahmad, will be CEO of the new company, while Nick Philpott of SC Ventures will be COO. The venture will notably be “underpinned” by BC Group’s OSL digital-asset technology, as well as Standard Chartered’s global network and experience in brokerage. 

“Based in the UK, and initially targeting the European market, the company will connect institutional traders to counterparties across markets, delivering access to deep pools of liquidity in Bitcoin, Ethereum and other digital assets. The JV aims to launch in the fourth quarter of 2021, subject to regulatory approvals.”

Wayne Trench, CEO of BC Group’s OSL, spoke about the partnership by stating:

“Standard Chartered and SC Ventures are known globally as leaders in fintech innovation and banking, and the partnership fits with our geographical expansion and growth strategy as it allows OSL to rapidly enter the European market with a leading partner.”

Alex Manson of SC Ventures, concluded:

“We are constructing the building blocks for a safe and reliable investment infrastructure: on the back of Zodia Custody, which will ensure safe and compliant custody for institutional investors, the new company will provide a brokerage and exchange platform to enable safe adoption and trading by the world’s largest and most demanding investors.”