The entry of traditional finance giants and banks has been transforming the cryptocurrency market, over the past few quarters several banks have launched their crypto-based services.
In a recent update, Ant International and Standard Chartered have successfully executed their 1st Singaporean Dollar transaction leveraging the latter’s blockchain-based whale platform.
As per a Nov. 5 report, Standard Chartered integrated with Ant International’s Whale platform to enhance the efficiency and transparency of fund movements between bank accounts. With this integration, Standard Chartered will be able to seamlessly transfer Singaporean Dollar liquidity within Ant International’s group of entities.
Technology experts claim that the majority of leading banks have been exploring the potential of blockchain technology, even though some have already shifted their work model from a traditional system to a decentralized blockchain system.
Following the successful transfer the global head of cash management at Standard Chartered Mahesh Kini said “revolutionizing treasury management and we are pleased to be early adopters of its use cases to enable our clients to take advantage of its extensive benefits.”
Earlier on November 01, 2024, it was reported that Standard Chartered and Ant International today announced the successful completion of HKD-denominated intra-group transactions between Ant International entities.
In 2024 Standard Chartered joined hands with dozens of decentralized and crypto-based companies to expand its presence in the digital asset market and to boost the adoption of its crypto-based products.
Traditional Banks Aim to Dominate Crypto Market!
Earlier on September 10, 2024, Todayq reported that Standard Chartered has started offering its digital assets custody services in the United Arab Emirates. The Bank partnered with Brevan Howard Digital to launch its digital assets custody services in the region.
Most recently Bloomberg reported that Crypto custodian Zodia, co-owned by global banking giant Standard Chartered, is in the process of raising $50 million in new funding to scale its global operations and launch an extended list of offerings.
There are expectations that the back-to-back entry of traditional finance giants and banks will surely transform the digital asset market. The entry of such institutions has increased the funds’ circulation in the crypto market.
However, some known banks, investors, fund managers, and lenders have already debuted the crypto space, and others are exploring the opportunities to launch their services.
Since the introduction of Bitcoin in 2009, the number of cryptocurrency users has grown from zero to 420 million users. Huge institutions like Deutsche Bank, Raiffeisen Bank, and many others are already obtaining their crypto licenses. Neobanks (Revolut) and payment platforms (PayPal) have already embraced crypto and demonstrated it was financially feasible.
