Standard Chartered Bank plans to launch a cryptocurrency brokerage business to enhance market competitiveness

Foresight News reported, citing Bloomberg, that according to sources familiar with the matter, Standard Chartered Plc plans to establish a crypto prime brokerage business through its venture capital arm, SC Ventures, in response to the increasingly fierce competition among global banks in the cryptocurrency sector. The sources indicated that discussions are still at a preliminary stage, and it is not yet clear when the service will be launched. A spokesperson for SC Ventures declined to comment on the matter.

In addition, SC Ventures is also developing a cryptocurrency joint venture called Project37C, which it describes as a lightweight financing and market platform.