Standard Chartered, OSL Parent in Pact to Create Digital Asset Platform
2 Jun, 2021•2 min read•Other
A Standard Chartered unit and the parent company of digital asset platform OSL said they have formed a venture to create a digital asset brokerage and exchange platform for institutional and corporate clients in Europe.
The venture between SC ventures, the innovation and ventures unit of Standard Chartered , and BC Technology Group aims to launch in Q4, subject to regulatory approvals. BC Group Chief Information Officer Usman Ahmad will be the CEO of the new company while Nick Philpott of SC Ventures will be COO. The venture will pair OSL's digital asset technology with Standard Chartered's global connections and network and brokerage experience. Initially targeting the European market, the U.K.-based company will seek to connect institutional traders to counterparties across markets, delivering access to pools of liquidity in bitcoin, ethereum and other digital assets. In December 2020, SC Ventures announced a venture with Northern Trust to launch Zodia Custody, an institutional-grade custody solution for digital assets. The company has also invested in blockchain technology provider Metaco and is working with the Bank of Thailand and the Hong Kong Monetary Authority to explore distributed ledger interoperability for cross-border fund transfers. OSL is the world’s first SFC-licensed, listed, digital asset wallet-insured, Big-4 audited digital asset trading platform for institutions and professional investors.