London’s Standard Chartered Bank Too May Be Initiating Crypto Trading & Custodian Services

Another quite popular commercial bank of the world, Standard Chartered of London, wants to join crypto industry. Already held a meeting while gathering multiple crypto exchanges operating in London. Sought advice how to proceed and how to initiate crypto services.

 Local news agency of London told that London’s Standard Chartered Bank had too showed its willingness to join crypto industry. It was told that the bank is seeking to initiate crypto services for its customers. Instead of going to exchanges, the customers would be able to trade and put into bank’s custody their digital assets.

Details of the news further suggested that in the pursuit of its crypto service rendering plan, the bank had recently convened a meeting. In this meeting multiple crypto exchanges’ heads were called up by the bank to discuss the way forward. It was told that heads of five major crypto exchanges of London attended the meeting including a token issuer at Blockchain sector.

During this meeting, Standard Chartered Bank sought opinions from the heads of exchanges. It told the meeting attendees that the bank wanted to initiate crypto trading services. In addition digital asset custodial and management services too are proposed to render by the bank.

It is said that Standard Chartered Bank’s crypto service initiative had been supported by METACO of Switzerland. METACO is a renowned Swiss crypto asset management company in which the bank had made huge investment. UK’s Cobalt too had agreed to support bank’s crypto service initiative. Standard Chartered Bank of London is also an investor in Cobalt as well.

This news was today covered by CoinDesk as well. But when the exchanges and the bank officials were reached out to give their comments, they refused to give any. In addition, the official of the bank told that the project is under consideration for the time being but not finalized. It may or may not be undertaken in the future, the bank’s official told.

Yet the source, who made this revelation of Standard Chartered Bank’s future plans of initiating crypto services had other things to tell. He further stated that the crypto services will be put to test by the bank in January 2021. He also said that the bank would be establishing a crypto exchange for the project.

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