News: Standard Chartered Bank to Launch Institutional-Grade Digital Asset Trading Platform, Starting with Tether-like Token

According to Coindesk reports, Standard Chartered Bank, along with five OTC trading firms and four exchanges, will collaborate to launch an institutional-grade digital asset trading platform. Additionally, sources also indicate that the network's settlement token will be issued as a fiat-backed ERC-20 token similar to Tether.

Standard Chartered CEO Bill Winters: Adoption of Digital Currency is Inevitable

Prior to this news, Standard Chartered CEO Bill Winters had just stated at the Singapore FinTech Festival that the adoption of digital currency is inevitable; and hinted that Standard Chartered will have related news to announce in the near future. However, it cannot be confirmed whether this is the same news.

According to Coindesk, the entities involved in custody and trading include exchanges such as LMAX and ErisX, as well as custody service provider METACO, and trading technology supplier Cobalt, all of which are mentioned.

Will Issue Tether-Like Tokens

According to sources from Coindesk, Standard Chartered Bank will create ERC-20 tokens backed by fiat currency, similar to Tether, but with the collateral assets stored in well-known institutions like Standard Chartered Bank, and will provide institutional trading.

However, Standard Chartered Bank has declined to comment on this news.

DBS Bank and BBVA Both Have News of Exchange Openings

On October 27, DBS Bank briefly had an introduction page live on its website, which was then taken down. The DBS Digital Exchange is an exchange regulated by the Monetary Authority of Singapore and backed by DBS Bank. Its services include trading in four cryptocurrencies, STOs, and custody services.

In December, Spanish bank BBVA was also reported to be entering the cryptocurrency trading and custody arena, starting from approval by the Swiss Financial Market Supervisory Authority, but compliance obstacles still exist.