- Standard Chartered setting up a crypto brokerage to tackle Basel III rules.
- Services include custody, market access, and financing options.
- Potentially influences broader incorporation of digital assets in banking.
Standard Chartered, through its SC Ventures arm, plans to launch a cryptocurrency prime brokerage offering custody, financing, and market access, bypassing Basel III capital requirements for unlicensed crypto assets.
This expansion highlights Standard Chartered’s commitment to digital finance, potentially positioning it as a leading global bank in the crypto space by 2025, impacting crypto market dynamics.
Crypto Custody and Market Access to Define Banking’s Future
Standard Chartered’s SC Ventures is progressing toward creating a comprehensive cryptocurrency prime brokerage. Its services plan to include custody, market access, and financing options. The company’s Zodia Custody and Zodia Markets have been instrumental in these developments.
By establishing the new brokerage, Standard Chartered is reacting to strict Basel III requirements, which pose a 1250% crypto asset capital burden on banks. The bank seeks strategic operations in the cryptocurrency market without incurring such excess obligations.
Market reactions have been generally supportive of the announcement. A spokesperson for SC Ventures remarked, “We are continually evaluating opportunities in the digital asset space through investments and joint ventures.” This supports Standard Chartered’s long-standing presence in blockchain and crypto innovation. Further reinforcing this perspective, Gautam Jain, Operating Partner at SC Ventures, stated,
“Digital assets continue to be a high conviction theme for SC Ventures, evidenced through its digital asset-native ventures: Libeara, Zodia Markets, Zodia Custody and our existing digital asset investments.”
Historical Context, Price Data, and Expert Insights
Did you know? Standard Chartered’s venture could redefine conventional banking’s engagement with crypto, setting a precedent for regulatory navigation within similar Basel III frameworks.
Based on CoinMarketCap data, Bitcoin (BTC) trades at $90,460.74 with a market cap of 1,806,943,369,768.77 and a 24-hour volume of $31,150,907,040.15, marking a 157.57% change. BTC has shown a 24-hour price decline of 0.17% and a 90-day reduction of 18.87%.
Coincu’s research team highlights that bypassing Basel III requirements, this brokerage model could encourage other banks to enter the crypto sector. Standard Chartered’s proactive engagements may signal a shift toward broader financial services incorporation of digital assets.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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