Standard Chartered joins the cryptocurrency craze, will focus on the European market

According to The blcok, Standard Chartered Group is setting up a joint venture to buy and sell virtual currencies such as Bitcoin, and its biggest competitor HSBC Holdings recently said it would not participate in the cryptocurrency trading craze.

London-based Standard Chartered Plc said on Wednesday that its technology arm SC Ventures will set up a joint venture with BC Technology Group Ltd., a Hong Kong investment firm focused on digital assets.

Alex Manson, head of SC Ventures, said, “We firmly believe that digital assets are here to stay and will be accepted by the institutional market as a highly relevant asset class.”

The new joint venture will be headquartered in the UK to serve the European market and help institutional traders find counterparties. The joint venture will provide trading in all major virtual currencies including Bitcoin and will begin operations in the fourth quarter.