Multinational banking giant Standard Chartered is reportedly preparing an expansion into digital assets with a new prime brokerage platform.
$849 Billion Titan in Early-Stage Discussions to Compete in Digital Asset IndustryThe brokerage will reportedly be housed within venture capital unit SC Ventures, which the bank owns and controls.
Jed Finn, head of the bank’s wealth management division, told Barron’s that the plans were related.
“It all fits together in a broader strategy of adapting to the change in the industry and in some cases driving the change in the industry…
FAQ Is Standard Chartered launching a crypto prime brokerage? Standard Chartered is reportedly in early discussions to launch a digital asset prime brokerage, according to sources cited by Bloomberg. Where would Standard Chartered’s crypto brokerage be based? The platform would reportedly operate under SC Ventures, the bank’s venture capital and innovation unit. Why are major banks expanding into crypto now? Traditional finance firms are moving into digital assets to adapt to changing financial infrastructure and the growing convergence of tradfi and defi. Which other banks are entering the digital asset space? Morgan Stanley, Citigroup, JPMorgan, and Bank of America are all advancing crypto-related services including wallets, custody, ETFs, and stablecoins.
