The Standard Chartered Bank confirmed launching a digital asset custody service offering. Working on the custody solution are the venture and innovation arms of Standard Chartered. As confirmed to CoinDesk by the Head of SC Ventures, Alex Manson, Standard Chartered’s digital asset custody solution is tailored for institutional markets. The pilot launch could already happen later this year.
Standard Chartered Bank’s SC Ventures
The Standard Chartered Bank, headquartered in London, is an international banking group. It has a presence in more than 60 dynamic markets. In addition, Standard Chartered PLC is listed on the London, Hong Kong, Bombay and India’s National Stock Exchange. With its more than 10,000 employees, the bank offers services in personal, corporate, commercial and Islamic banking, as well as wealth management and other financial services.
SC Ventures, based in Singapore, is a platform and catalyst for Standard Chartered. It explores innovation, alternative business models and disruptive financial technologies. It creates new business and revenue streams for the banking group. Next to the custody solution, SC Ventures is working on nine further projects.
Among others, SC Ventures clarified its interest in the digital asset space by participating in the CHF 18 Million, twice oversubscribed Series A round for Metaco, a market infrastructure and tech provider. Metaco’s main product, SILO, enables comprehensive digital asset management. Through SILO, Metaco’s clients can store, manage, transfer and trade digital assets. Moreover, SILO assists with tokenization and allows to manage the complete token lifecycle.
Launching a digital asset custody solution for institutional markets
Standard Chartered has laid a focus on digital asset custody for institutional market participants, as these have reservations when it comes to the digital asset space. As Alex Mansion highlighted, institutional adoption requires institutional-grade storage solutions. The bank wants to provide these.
The solution will address the custody of digital assets such as Bitcoin. Furthermore, Standard Chartered wants to offer Security Token suitability.
Manson, commented that 20 institutions have already expressed an interest in the custody solution to come. The in the United Kingdom based custody services will serve customers worldwide. Standard Chartered wants to facilitate the storing of millions of US-Dollars in digital assets through the functionally segregated, secure solution.
Manson further elaborated that offering the market infrastructure will drive institutional adoption:
“If digital assets more broadly are here to stay as an asset class, then you will need the infrastructure to keep them safe.”
Standard Chartered Bank’s interest in the digital asset space is not a new phenomenon. As early as 2018, Margaret Harwood-Jones, the Global Head of Securities Services, confirmed that the banking group began exploring opportunities in digital asset custody.
For more news on companies providing access, services and custody in the digital asset market, please visit: https://digital-assets-custody.com/news/