Standard Chartered’s predictions make it the latest traditional financial institution to embrace cryptocurrencies given that most banks are instructed to keep off them.
Additionally, Eric Robertson, Global Head of Research and Chief Strategist at Standard Chartered, had this to say concerning the future of finance:
“The gap between traditional finance and the digital world is narrowing by the day.
As our clients begin exploring cryptocurrencies, other digital assets, and decentralised finance, we aim to add value to their investment and risk-management strategies and help them navigate and incorporate this new asset class into their businesses.”
– Global Head of Research / Chief Strategist, Standard Chartered
In June 2021, the multinational bank revealed plans to launch an institutional crypto brokerage and exchange for U.K. and European clients by Q4 2021.
The bank’s innovation and ventures unit, SC Ventures, will be setting up a facility to connect institutional traders to counterparties and let them trade in cryptocurrencies such as bitcoin (BTC) and ether (ETH).
SC Ventures has also invested in Swiss blockchain firm, METACO, and is in the process of launching a crypto custody service.
Other than Standard Chartered, other banks and traditional financial institutions developing crypto-related products include: