Standard Chartered plans to establish a cryptocurrency prime brokerage business to expand its digital asset presence

According to Bloomberg, Standard Chartered plans to establish a cryptocurrency prime brokerage through its venture capital arm, SC Ventures. The services will include custody, financing, and market access, and are currently in the early preparation stage.

This move will help it avoid the Basel III capital requirement of up to 1250% for unlicensed crypto assets. Standard Chartered has previously been involved in crypto projects such as Zodia Custody and Zodia Markets, and aims to become the first globally systemically important bank to offer spot cryptocurrency trading by 2025.