Citing people familiar with the matter who asked not to be identified, Bloomberg reports that Standard Chartered is planning the launch of a crypto prime brokerage. No timeline on its launch was given, and discussions are still in early stages, the sources said.
The brokerage will reportedly be housed within venture capital unit SC Ventures, which the bank owns and controls.
Standard Chartered’s potential crypto expansion comes amid a broader push into digital assets from various blue-chip traditional finance (tradfi) firms.
Last week, Morgan Stanley announced it was working on launching its own digital wallet sometime in the second half of this year. That announcement came days after the bank also revealed it was planning the launch of a bitcoin exchange-traded fund (ETF).
Jed Finn, head of the bank’s wealth management division, told Barron’s that the plans were related.
“It all fits together in a broader strategy of adapting to the change in the industry and in some cases driving the change in the industry…
This is really a recognition that the way that financial service infrastructure works is going to change… Over time as our infrastructure develops, we’ll be able to do more with the blending of the traditional finance, or tradfi, and decentralized finance, or defi, ecosystems.”
Meanwhile, Citigroup will roll out crypto custody services in 2026, according to a report last year, while many institutions, including JPMorgan and Bank of America, are working on their own stablecoins.
After years of harsh words against Bitcoin and cryptocurrency, JPMorgan CEO Jamie Dimon finally said in December that in fact, “ blockchain is real, stablecoins are real.”
And as the bank said it was considering allowing its wealthy clients to trade crypto, Dimon said:
“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin.”
- Is Standard Chartered launching a crypto prime brokerage?
Standard Chartered is reportedly in early discussions to launch a digital asset prime brokerage, according to sources cited by Bloomberg. - Where would Standard Chartered’s crypto brokerage be based?
The platform would reportedly operate under SC Ventures, the bank’s venture capital and innovation unit. - Why are major banks expanding into crypto now?
Traditional finance firms are moving into digital assets to adapt to changing financial infrastructure and the growing convergence of tradfi and defi. - Which other banks are entering the digital asset space?
Morgan Stanley, Citigroup, JPMorgan, and Bank of America are all advancing crypto-related services including wallets, custody, ETFs, and stablecoins.
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