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* Platform to offer bitcoin to institutional clients
* Rival HSBC shuns cryptocurrency trading
* Banks juggling crypto risks and rewards
(Adds details)
By Alun John and Lawrence White
HONG KONG/LONDON, June 2 (Reuters) - A Standard Chartered
PLC unit intends to establish a cryptocurrency
brokerage and exchange platform in Britain and Europe, targeting
institutional clients, the bank said on Wednesday.
The new exchange will be created by a joint venture between
SC Ventures, the bank's innovation arm, and BC Technology Group
, which operates Hong Kong-licensed cryptocurrency
exchange OSL.
The move from Asia, Africa and Middle East-focused StanChart
is one of the strongest endorsements yet from a mainstream
lender for cryptocurrencies, as global banks juggle clients'
interest in the digital coins with concerns about their risks.
StanChart's new platform will target the European market,
connecting institutional traders with counterparties trading
bitcoin, ether and other digital assets, the bank said.
The move marks a contrast with StanChart rival HSBC, whose
chief executive told Reuters last month the bank has no plans to
launch a trading desk for cryptocurrencies.
"We have a strong conviction that digital assets are here to
stay and will be adopted by the institutional market as a highly
relevant asset class," said Alex Manson of SC Ventures.
OSL was the first cryptoexchange to be licensed by Hong
Kong’s Securities and Futures Commission.
(Reporting by Alun John in Hong Kong and Lawrence White in
London; Editing by Jason Neely and Jan Harvey)
