Standard Chartered, BC Technology, to Launch UK Crypto Exchange

SC Ventures, the innovation and ventures unit of Standard Chartered, and Asia-based digital assets technology provider BC Technology Group’s OSL, have announced a partnership to establish a digital asset brokerage and exchange platform for institutional and corporate clients in the UK and Europe.

BC Group chief information officer Usman Ahmad will be CEO of the new company, and Nick Philpott of SC Ventures will be COO as the firm seeks to tap into what it believes is growing demand from institutional customers for crypto market access.

Based in the UK, and initially targeting the European market, the company says it will connect institutional traders to counterparties across markets, delivering access to deep pools of liquidity in Bitcoin, Ethereum and other digital assets. The JV aims to launch in the fourth quarter of 2021, subject to regulatory approvals.

“We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class,” says Alex Manson head of SC Ventures. “We are constructing the building blocks for a safe and reliable investment infrastructure on the back of Zodia Custody, which will ensure safe and compliant custody for institutional investors. The new company will provide a brokerage and exchange platform to enable safe adoption and trading by the world’s largest and most demanding investors.”

Ahmad adds, “With total market capitalisation of digital assets over $1 trillion, collaboration between market-leading firms is imperative to the continued development of robust global institutional digital asset infrastructure. The JV will aid in maturing the digital asset ecosystem by combining OSL’s expertise in regulatory compliant, secure institutional digital asset trading with SC Ventures’ proven capability to develop future technology capabilities in banking and finance.”