British multinational bank Standard Chartered (MNB) announced on Wednesday that the company has joined and followed the cryptocurrency trend.
Standard Chartered Bank is setting up a joint venture to buy and sell, for example, virtual currencies Bitcoin. On Wednesday, June 2 it announced that its technology division, SC Ventures, is partnering with BC Technology Group Ltd, a Hong Kong-based investment company specializing in digital assets, according to Reuters.
The Bank announced that it was actively seeking partnerships with Hong Kong digital assets experts and cryptocurrency exchange committed to the development of digital assets.
The new partnership will target the European market as a customer base and anchor in the United Kingdom. This year, they plan to start operations in the fourth quarter to help institutional traders complete digital forex transactions led by Bitcoin and Ethereum.
Alex Manson, director of SC Ventures, said:
“We are strongly convinced that digital assets are staying here and will be accepted by the institutional market as a very relevant asset class.”
At the same time, Manson also revealed a focus on building a safe and reliable investment infrastructure establish the foundation of the future.
However, HSBC, one of Standard Chartered’s biggest competitors, has a completely different approach to digital currencies.
Last month, on May 24, HSBC CEO Noel Quinn approved an interview with Reuters and claimed that HSBC has no plans to offer cryptocurrency investments to its customers by opening a cryptocurrency outlet due to an unstable environment and uncertain transparency.
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