Standard Chartered Bank plans to establish a cryptocurrency prime brokerage business

Standard Chartered Bank plans to establish a cryptocurrency prime brokerage business through its venture capital arm SC Ventures, which will provide services including custody, financing, and market access. The business is still in the early stages of preparation. This move aims to circumvent Basel III's capital requirement of up to 1250% for unlicensed cryptocurrency assets. Standard Chartered has previously participated in cryptocurrency projects such as Zodia Custody and Zodia Markets, and will become the first globally systemically important bank to offer spot cryptocurrency trading by 2025.