Standard Chartered is all set to launch a crypto trading platform, anytime in the next year. According to the reports, the firm is planning to launch the pilot for this by the end of the next year. This news has been revealed on Tuesday, December 09, 2020, and includes prominent crypto firms like ErisX. ErisX is a crypto firm that holds two regulatory destinations and is backed by U.S. brokerage firm TD Ameritrade. Along with ErisX, another participant is LMAX.
According to the announcement, Standard Chartered along with other big traders and four different exchanges will be starting this new model. The first test trade will be happening by the starting of the next year i.e. January 2021. The announcement reads:
“We are building our own token of fiat collateral and hoping that will become the equivalent of Tether, except that the tokenized collateral or money will be held in the trading bank account of a proper bank, like a Standard Chartered, a JPMorgan, a Deutsche Bank.”
Bill Winters, CEO of Standard Chartered, has recently announced that their bank might be launching their own private currency. He stated this during the FinTech festival that took place in Singapore. He believes that the widespread creation and adoption of cryptocurrency is completely inevitable. Through this statement, there are indications that the bank might be planning to launch its own private currency. It is not the only financial institution that is exploring its potential in the crypto industry. Different payment services and financial institutions are making efforts to try out the latest technologies and their potential in the industry. A lot of financial institutions are planning to launch their own cryptocurrencies to take part in financial evolution.