Standard Chartered To Launch Crypto Custodial Services for Institutions in 2020
- Standard Chartered Bank announces plans to launch institutional-grade crypto custody through its venture capital and investment firm, S.C. Ventures.
Speaking to CoinDesk, Alex Manson, the head of S.C. Ventures confirmed the firm is looking into launching a solution to allow institutional players to adopt digital assets such as Bitcoin. Manson terms the solution as the best and most secure solution yet in the market for institutions aiming to dip their feet into cryptocurrencies.
S.C. Ventures is a Singapore based firm, branching from U.K. based Standard Chartered Bank charged with the responsibility to offer new technological solutions and new revenue streams for its parent company. The latest venture into crypto custodial services will add to the bank’s recent exploits in blockchain technology.
Without revealing much, Manson said the custody solution would be focused on crypto with plans to add security tokens on the way. He added that over 20 companies had taken an interest in S.C. Ventures custody from different areas of the globe. He also hinted the pilot project could be ready by the end of this year.
The crypto custody is in line with nine other projects (not blockchain based) which the Standard Ventures firm will explore in the coming months.
No Gateway for Institutional Players in the Crypto Sphere
According to Alex, SC Ventures is seeking to launch the crypto custody due to recent challenges and fear by institutions to invest and safely store their digital assets. He said:
“If digital assets more broadly are here to stay as an asset class, then you will need the infrastructure to keep them safe.”
To push its efforts in the digital assets space, S.C. Ventures participated in the twice over-subscribed $18 million Series A round of Metaco, an institutional-grade crypto custodian. Manson stated the investment in Metaco is to improve the underdeveloped infrastructure that offers a digital assets gateway to institutional investors.