SC Ventures plans crypto custody pilot scheme 21 July 2020London Reporter: Rebecca Delaney
Image: Joe Prachatree/Shutterstock
Standard Chartered’s venture and innovation team is set to launch a crypto custody offering for the institutional market in a pilot scheme later this year.
Approximately 20 institutions have already expressed interest in the custodial solution, which will be based in the UK but accessible to global clients.
The innovation platform for the bank, SC Ventures, has suggested that the offering will be compatible with digital assets such as bitcoin and security tokens in order to provide “fundamental market infrastructure” for the institutional adoption of cryptocurrencies.
Alex Manson, head of SC Ventures, explained: “If digital assets more broadly are here to stay as an asset class, then you will need the infrastructure to keep them safe.”
Manson also highlighted that SC Ventures’ solution will be different from existing custodial offerings because they do not currently have function segregation to separate custody from other ventures, or sufficient scrutiny for clients to store millions of dollars in digital assets.
Before the first pilot launch planned for later this year, SC Ventures is open to feedback from prospective clients on possible features to be included.
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