Standard Chartered's SC Ventures is reportedly developing a comprehensive cryptocurrency prime brokerage service, aiming to cater to institutional investors. The service will offer a range of solutions, including crypto asset custody, market access, and financing options. Zodia Custody and Zodia Markets, both part of Standard Chartered's digital asset arm, are playing a key role in the development of this new venture.
Strategic Move Amid Regulatory Pressures
The establishment of the prime brokerage service is seen as a strategic move by Standard Chartered to navigate the complex regulatory landscape surrounding cryptocurrencies. By setting up a separate entity for its crypto operations, the bank aims to comply with the stringent Basel III requirements, which impose a 1250% capital charge on crypto assets held by banks. This approach allows Standard Chartered to participate in the growing crypto market while minimizing its regulatory burden.
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