Standard Chartered to Launch Institutional Crypto Custody Solution


Standard Chartered’s enterprise and innovation arm has been engaged on a crypto custody providing for the institutional market and the primary pilot might launch later this yr.

Alex Manson, the pinnacle of SC Ventures, confirmed to CoinDesk Monday the agency is constructing what he claimed would turn out to be one of many most-secure crypto custody options in the marketplace.

Particulars stay skinny on the bottom, however Manson mentioned that as many as 20 establishments have expressed curiosity within the custodial resolution. Though it is going to be based mostly within the U.Ok., it is going to be open to purchasers from all over the world. In addition to property equivalent to bitcoin, SC Ventures is taking a look at additionally making the answer appropriate for safety tokens.

In accordance to Manson, institutional adoption has been hindered by an absence of correct custodial choices. Initially, SC Ventures had been taking a look at making a market service, however realized it had to go a few steps again as many wouldn’t contact the digital asset area “with a flagpole” till they’d prepared entry to an institutional-grade storage resolution.

Custodial choices at the moment in the marketplace, Manson mentioned, don’t have the correct safety required for purchasers to retailer thousands and thousands of dollars in digital property. Many additionally lack perform segregation, which means the custody enterprise isn’t separated from different ventures, he added.

By offering the basic market infrastructure, Manson mentioned that SC Ventures noticed a chance to kick-start the institutional adoption of cryptocurrencies.

“If digital property extra broadly are right here to keep as an asset class, then you will want the infrastructure to maintain them protected,” Manson mentioned.

Primarily based in Singapore, SC Ventures is the improvements platform for British financial institution Standard Chartered. A part of its function is to assist create new companies and income streams for the broader banking group. In addition to the custody resolution, the enterprise arm is engaged on bringing one other 9 (non-crypto-related) tasks to market.

Simply final week, SC Ventures participated within the oversubscribed Sequence A for market infrastructure supplier, Metaco. On the time, Manson mentioned in an announcement that the funding would complement its personal custodial initiative, which has not but been publicly named. Speaking to CoinDesk, he elaborated, saying Metaco could be one of many key know-how suppliers.

SC Ventures continues to be open to suggestions from potential purchasers about doable options, in addition to the property they want to see supported.

Manson mentioned the primary pilot for the custodial resolution might launch someday later this yr.


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Source link Coin Desk


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