The British multinational bank Standard Chartered is reportedly planning to set up a prime brokerage for crypto trading.
Citing people familiar with the matter, Bloomberg reports that the banking giant with $849 billion in total assets will operate the new business within its wholly owned venture capital unit SC Ventures.
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The sources say that discussions are still at an early stage and it is not yet clear when the service will launch.
Last month, SC Ventures announced in a post on the professional networking platform LinkedIn that it is developing a digital asset venture called Project37C to serve growing institutional demand for digital asset opportunities. The Singapore-based financial services firm did not name any external partner for the joint venture.
“This joint venture will complement the broader Standard Chartered digital asset ecosystem, spanning custody, tokenisation, and market access and aims to bring institutional-grade innovation to this fast-evolving space.”
The report says housing the new business within SC Ventures may help Standard Chartered avoid the strict capital requirements for digital assets currently imposed on banks.
Under the Basel III rules for the international banking sector, banks face 1,250% risk charge for exposure to unbacked crypto assets such as Bitcoin (BTC) and Ether (ETH).
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