Cryptocurrencies important feature for Banks for future growth: Standard Chartered

  • monetary institutions which are associated with the crypto market will witness significant growth in the future.
  • companies offering digital assets services will have to give maximum security to the investors.
  • The bank has become the first one to join the Global Digital Finance (GDF) patron board.

There is a need for a financial institution in the cryptocurrency space, feels the Chairman of the British financial institution Standard Chartered, Jose Vinals. According to him, businesses dealing with digital assets will go through a significant growth period in time. 

He revealed his support to the cryptocurrency industry in a recent interview with a media publication. He said that the monetary institutions which are associated with the crypto market will witness significant growth in the future. 

Security need of the hour 

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The 67 years old Spaniard believes that other banks and large companies will follow suit with the Standard Chartered move and jump into the crypto market. He is also concerned about the security of the investors and for this, he suggests that companies offering digital assets services will have to give maximum security to the investors. Financial stability is very important for the investors and the companies have to adhere to this feature. 

He has urged for enhanced regulations in the cryptocurrency market. He said it is much better to have a regulated crypto market than having it being the wild west that will create problems. 

He also thinks that supervision in space is also very essential.  Without supervision, criminals would use the cryptocurrencies for their illegal activities. 

Standard Chartered, the multi-national banking institution has joined forces with the financial technology company Linklogis. Together they will launch a new blockchain-based digital trade finance platform. This project will be called Olea. 

The partnership would be able to get together institutional investors seeking opportunities in an alternative asset class. Amelia Ng, CEO of the platform said that the collaboration will be highly beneficial for the finance sector. 

He said that this partnership strengthens the company as Standard Chartered’s international trade and risk management expertise and unparalleled knowledge of Asia, Africa and the Middle East with Linklogis’ innovation in supply chain technology, Olea is uniquely positioned to reinvent trade finance and be a force for good. 

The bank has become the first one to join the Global Digital Finance inDF) patron board. It has more than 100 organizations and 350 professionals as associates, welcomed aboard the British bank at the beginning of September. 

GDF’s mission and the bank’s objective is to support the cryptocurrency industry through a network of strategic innovators. They also work on favour of better governance standards and facilitate engagements between market participants, regulators, and policymakers. 

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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