- Standard Chartered recently revealed that it is creating a new custody solution for digital currencies.
- The new solution is targeting institutional investors, with hopes that the move will kick-start adoption.
- SC Ventures’ head said that the solution will give investors a safe place to store millions in crypto.
Standard Chartered has recently made a new revelation in announcing that it is creating a new crypto custody solution. The solution will be directed at the institutional market, and the company expects that the pilot could launch before the end of 2020.
The details are still unknown
Very little is known about the solution at this time, apart from the fact that SC Ventures aims to make it extremely secure. This was confirmed by the SC Ventures’ head, Alex Manson, who noted that there is already major interest among institutions.
He said that over 20 of them are intrigued by the new custodial solution and that the company would service clients around the world. Its base will be in the UK, and apart from Bitcoin, it will also offer support for securities.
Manson believes that institutions are hesitating to adopt crypto solutions due to the lack of adequate custody services. SC Ventures’ original idea was to create a new market service. However, it realized that this would be too far ahead, and that no one would approach the crypto space without a safe place to store their coins first.
This is why a custodial offering needs to come first. There are already some similar offerings out there already, of course. However, according to Manson, their security does not meet the clients’ requirements.
Standard Chartered to become a go-to custody solution for institutions
Major institutions, if they do arrive, will need safe storage for millions of dollars worth of crypto, and they will not entrust their funds to just anyone.
With that in mind, SC Ventures aims to become a go-to custodian for such large investors, which could kick-start institutional adoption. After all, Standard Chartered has been interested in crypto custody solutions for a long time, It has been investigating the idea since November 2018.
Now, it is developing its own solution, and it is still taking clients’ feedback regarding potential features that may be incorporated along the way.
