Standard Chartered is the latest bank to get into the crypto custody
business, unveiled that its innovation, ventures and fintech investments
unit, SC Ventures, has been working on a solution for the institutional
market that would support cryptocurrencies such as bitcoin but also
security tokens. The first pilot of the service could launch before the end
of the year. The firm has been developing “one of the most secure crypto
custody solutions on the market,” adding that as many as 20 institutions
had expressed interest in the solution. Though the venture will be based
in the UK, it will be open to clients from around the world. With this new
offering, the firm was looking to provide institutional investors with a
custodial solution that caters to this segment’s specific needs notably in
terms of security, citing features such as segregated accounts. This could
potentially kick-start the institutional adoption of cryptocurrencies. SC
Ventures has been “developing a venture to meet the demands of
institutions for an end-to-end institutional grade custodian of digital
assets, which meets regulatory standards.
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