Standard Chartered to Launch Crypto Trading Platform for Institutions

Wednesday 09 December 2020, 7:45 PM AEST - 2 months ago

Some of the firms included in the deal with Standard Chartered are UK-based financial technology company LMAX, crypto exchange ErisX, Switzerland-based custody provider METACO and UK-based trading technology provider Cobalt.

Sources claim London-based bank Standard Chartered has partnered with various crypto exchanges to create a crypto trading platform targeted at institutional investors.

Standard Chartered plus five of the biggest traders in digital assets and four exchanges are about to get this new model started. I think the first test trade will be next month and Id say itll end up involving the 10 biggest exchanges in digital, said one source.

The Bank is said to be working with five major over-the-counter traders and four crypto-exchanges on a trading platform targeted at institutional investors. This comes at a time of heightened interest in cryptocurrencies by investment institutions as an alternative asset.

Some of the firms included in the deal are UK-based financial technology company LMAX, crypto exchange ErisX, Switzerland-based custody provider METACO and UK-based trading technology provider Cobalt. The latter two boast Standard Chartered investment.

The sources reported that all the named firms declined to comment on the claim. The source claims that there were major calls for the use of The Linux Foundations Hyperledger and R3 Consortiums Corda. Opting for something the native crypto community are comfortable with, the source asserts that the settlement token chosen for the platform is modeled after Ethereums ERC-20. The token has also been likened to Caitlin Longs Avanti Financial-issued Avit.

We are building our own token of fiat collateral and hoping that will become the equivalent of Tether, except that the tokenized collateral or money will be held in the trading bank account of a proper bank, like a Standard Chartered, a JPMorgan, a Deutsche Bank, the source said.

It was reported in July this year that Standard Chartereds Singapore-based innovations platfo ...

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