Standard Chartered and innovation platform is reportedly building a crypto custody offering for the institutional market. The venture will meet the demands of institutional investors for an end-to-end institutional-grade custodian of digital assets, which meets regulatory standards. The custodial solution will be based in the U.K., but will be open to clients from around the world, Manson said, noting interest from 20 institutions. There will be an opportunity to kick-start the institutional adoption of cryptocurrencies by providing the fundamental market infrastructure.
Complementing its custodial initiative, Standard Chartered Ventures participated in an oversubscribed $17 million Series A funding round for Metaco, which runs an institutional operating system for digital assets. German-based security technology company Giesecke+Devrient led the round, which also saw participation from Zürcher Kantonalbank and venture capital firm Investiere, as well as all existing strategic shareholders Swisscom, SICPA, Avaloq Ventures, and Swiss Post.
The funds will be used to fuel the next phase of the company’s growth in sales, product, and partnerships, and broaden its presence in the U.S., Southeast Asia, and Western Europe.