Standard Chartered is planning to expand its digital assets offering with the launch of a prime brokerage for cryptocurrency trading, according to the Business Times.
The London-based lender is expected to house the brokerage within its wholly owned venture capital arm, SC Ventures, according to a person familiar with the matter.
While no timeline has been confirmed, the move comes as traditional financial institutions increasingly lean into crypto-related initiatives.
The bank has been an active participant in the global digital assets market, backing crypto custodian Zodia Custody and institutional trading venue Zodia Markets, which together support more than 70 digital assets.
In July, Standard Chartered said it had become the first global systemically important bank to offer spot cryptocurrency trading for institutional clients. Initially, the service allows trading in Bitcoin and Ether through its UK branch.
“We want to offer clients a route to transact, trade and manage digital asset risk safely and efficiently within regulatory requirements,” said Bill Winters, the bank’s chief executive.
Read our exclusive interview with Renee Michau, global head of digital assets at Standard Chartered here.
