Last Updated: 4 June 2021
One of the major banking corporations, Standard Chartered Bank, is set to launch a cryptocurrency exchange and brokerage for its customers to deal in cryptocurrencies such as Bitcoin and Ethereum. SCB will be among the list of other central banks globally that embraced cryptocurrency and offered its customers services to deal in it.
SCB Embracing Cryptocurrency
The innovation sector of Standard Chartered Bank SLC Ventures is working on launching cryptocurrency exchanges, and brokerages said Standard Chartered PLC on Wednesday. SC Venture and BC Technology Group are collaborating to fulfil this plan. BC Technology group is a Hong Kong investment company that deals in digital assets. BC technology is the first licensed cryptocurrency exchange in Hong Kong, licensed by Hong Kong’s Securities and Future Commission.
The head of SC Ventures, Alex Manson, said that digital currency is here to stay and soon will be adopted worldwide as a highly valuable asset. The bank is constructing building blocks to provide a safe investment for its customers.
The new Cryptocurrency services by Standard Chartered Bank will be offered in the UK and Europe. The bank will connect crypto investors with the brokerage trading bitcoin, ethereum, and other digital currencies. The services will be launched in the fourth quarter.
SCB announced the starting of cryptocurrency services soon after HSBC’s CEO revealed that his bank is also planning to provide services for its customers so that they can deal in cryptocurrency.
What Have Other Banks Embraced Cryptocurrency Around the World?
Cryptocurrency is growing its popularity around the globe. There are many banks in the US, the UK, Europe, and other parts of the world that are offering services to buy, sell, and do transactions with cryptocurrency. Recently, the Indian central bank, the Reserve bank of India, has instructed all the banks in the world to allow their customers to deal in cryptocurrency. The Supreme Court of India has already issued its decision in March last year that banks should offer cryptocurrency-related services to their customers under government regulations.
Meanwhile, the current market situation of cryptocurrency is facing a bit of a downfall. In the last few weeks, the value of Bitcoin, Ethereum, and other cryptocurrencies has fallen from its record high. However, many big companies and individuals are still linked with cryptocurrency and are supporting it. Many analysts are even referring to this cryptocurrency’s value hitting bottom as a golden opportunity for investors to invest in this currency. People are even predicting that the value of bitcoin will reach the mark of $100,000 despite its current situation. With one of the famous banking chains around the globe, Standard Chartered Bank has revealed that they are also diving into cryptocurrency; it indicates that digital currency is not disappearing anytime soon, and the current phase of deflation will go away more quickly.