According to a press release published on 2 June, the joint venture will be underpinned by BC Group‘s digital asset platform OSL. Based in the U.K. and targeting the European market, the company will connect institutional traders to counterparties and deliver access to liquidity in Bitcoin, Ethereum, and other digital assets. Standard Chartered said that the joint venture is set to launch in the fourth quarter of 2021.
“The joint venture will aid in maturing the digital asset ecosystem by combining OSL’s expertise in regulatory compliant, secure institutional digital asset trading with SC Ventures’ proven capability to develop future technology capabilities in banking and finance, said Usman Ahmad, the incoming CEO of the new company. Ahmad formerly served as the Chief Information Officer at BC Group.
Zodia Custody, a joint venture between SC Ventures and Northern Trust launched last year, will provide custodial services to institutions looking to invest in digital assets. And while the new company will initially focus on European customers Standard Chartered’s collaboration with the Bank of Thailand and the Hong Kong Monetary Authority will explore interoperability for cross-border fund transfers.
BC Group owns and operates OSL, a regulated cryptocurrency platform that provides prime brokerage, custody, exchange, and SaaS to institutions and professional investors. OSL became the first company to be granted a license for Type 1 and 7 regulated digital asset activities in Hong Kong. Earlier this year, BC Group raised around $90 million to invest in the tools needed to reach more institutional customers.