The Singapore-based venture arm of British banking giant Standard Chartered, SC Ventures, has reportedly created a cryptocurrency retention solution for institutional investors.
Trials of the solution, which will support Bitcoin and securities tokens, could be launched this year, according to reports in CoinDesk. Speaking about it, SC Ventures chairman Alex Manson said at least 20 institutional investors were interested. Manson also,
He said: “We believe that digital assets will have longevity as an asset class. We are making an attempt to respond to demands from an end-to-end corporate-level digital asset retention agency that meets the legal standards of institutional investors., ” he said.
SC Ventures joined a $ 17 million Series A funding round of cryptocurrency company Metaco last week that focused on serving financial institutions. It was noted that Metaco provided SC Ventures with a technological infrastructure for a storage solution. The bank announced in November 2018 that it was interested in providing cryptocurrency storage services.
Standard Chartered serves more than 1,200 branches in more than 70 countries. The company announced revenue of $ 15 billion 420 million in 2019.
