British banking giant Standard Chartered’s Singapore-based venture arm SC Ventures is reportedly building a crypto custody solution for institutional investors.
CoinDesk reported the news on Monday, saying that the first pilot for the solution, which would support bitcoin and security tokens, could launch later this year. Alex Manson, head of SC Ventures, told the news outlet that at least 20 institutional investors are interested.
Just last week, SC Ventures joined crypto infrastructure provider METACO’s $17 million Series A round.
At the time, Manson said: “We believe that digital assets are here to stay as an asset class... We are 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.”
METACO is providing tech infrastructure to SC Ventures for the custodial solution. Standard Chartered first revealed its interest in providing crypto custody services in November 2018.