Standard Chartered Reportedly Plans Bitcoin Trading Prime Brokerage

Standard Chartered is reportedly setting up a prime brokerage for Bitcoin trading. Although initial reports emerged, official channels such as Twitter and LinkedIn from Standard Chartered and its executives have not confirmed these launch plans.

The reported move involves SC Ventures, the bank’s venture capital arm, rather than its core banking operations. SC Ventures is known for backing digital asset initiatives, yet the leadership has made no public comment about the brokerage plan.

Initial reports indicate potential significant impacts on the crypto market, especially Bitcoin and Ether. Market players and institutions could be directly affected if such a brokerage becomes operational, offering new financing and lending options.

“As we see institutional engagement with digital assets accelerating, there is similarly a growing need for platforms that combine innovation with a high standard,” said Harald Eltvedt, Operating Member and Head of Venture Building, SC Ventures. The financial implications are driven by the Basel III’s risk weight on crypto holdings. The bank’s strategy appears focused on addressing these regulatory challenges by offering tailored brokerage services to institutions, which might impact the broader digital asset landscape.

Further details on institutional involvement or financing for this venture remain scarce. Precedents suggest some banks have shown interest in digital assets, though executions vary. Industry players are eager to see if Standard Chartered proceeds with crypto innovation.

Pursuing such a brokerage could align with historical trends of increased institutional crypto engagement. The bank’s prior moves, such as BTC and ETH spot trading for institutions, underscore a potential shift toward embracing crypto assets financially.