Standard Chartered bank is set to launch an institutional encrypted hosting solution this year

Standard Chartered's SC Ventures has been developing encrypted hosted products for the institutional market, and its first pilot program could be launched later this year, according to Coindesk. Recently, CEO Alex Manson confirmed the news and revealed that 20 organizations have expressed interest in the hosting solution.

It is understood that the escrow facility will be based in the UK and the product will be available to clients around the world, while SC Ventures is also considering making the solution suitable for securities scrip in addition to assets such as Bitcoin.

Interestingly, on July 15th Standard Chartered announced that it was investing in Metaco, a cryptocurrency custodian of focused institutions. Demand for Metaco's shares was so great that the A round was oversubscribed twice. Metaco will use the funds to expand its operations in the United States, Western Europe and Southeast Asia, it said. Metaco's main product is SILO, which provides financial institutions with custody, trading services and the ability to scrip assets. There are a number of signs that traditional financial institutions are moving into the upstream business of cryptocurrency that could have an impact on the entire industry.

The original link: https://www.coindesk.com/standard-chartered-to-launch-institutional-crypto-custody-solution

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