[2021-06-02] Standard Chartered Joins Crypto Rush, Days After HSBC Opts Out

[Woodie]

Standard Chartered Plc is setting up a joint venture to buy and sell virtual currencies such as Bitcoin -- days after its biggest rival HSBC Holdings Plc said it would swerve the crypto trading craze.

The London-headquartered bank said Wednesday its technology arm, SC Ventures, would establish a partnership with BC Technology Group Ltd., a Hong Kong-based investment company specializing in digital assets.

Alex Manson, head of SC Ventures, said he had a “strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class.”

Read more https://www.bloomberg.com/news/articles/2021-06-02/standard-chartered-joins-crypto-rush-days-after-hsbc-opts-out

[bbc.reporter]

HSBC is one of the biggest foreign banks that are incorporated locally in China. Their acceptance or rejection of opening service to the cryptospace might be a good signal on knowing future policy changes of this country hehe.