Standard Chartered to Pilot Crypto Custody Solution

The bank’s ventures and innovation platform is reportedly building a crypto custody offering for the institutional market, with a pilot planned for later this year.

SC Ventures developing a venture to meet the demands of institutional investors for an end-to-end institutional-grade custodian of digital assets, which meets regulatory standards, Alex Manson its Singapore-based global head, told Coindesk earlier this week.

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.

Manson highlighted the opportunity to kick-start the institutional adoption of cryptocurrencies by providing the fundamental market infrastructure. He told the blockchain news portal that solutions currently available lack the security required to secure millions of dollars in digital assets, and lack function segregation.

Complementing its custodial initiative, SC 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, the announcement last week said.