Standard Chartered joins companies such as Coinbase, Huobi, SIX Digital Exchange, and 100x Group in their efforts to promote the usage of digital currencies.
An alliance of fintech companies and banks has been formed to accelerate the adoption of best practices in the cryptocurrency industry. Standard Chartered is a multinational banking corporation established in the United Kingdom.
Standard Chartered announced on Wednesday that it would become a Patron Board member of the Global Digital Finance, or GDF, which represents the crypto and digital finance industries.
By becoming a member, the bank will be better positioned to advocate for digital assets when dealing with international regulators and legislators, as well as other members of the industry.
GDF claims that Standard Chartered is the first bank to join the group’s patron board, which presently has ten other members, including cryptocurrency exchanges Coinbase, Huobi, SIX Digital Exchange, and 100x Group, which is the parent firm of BitMEX.
The alliance’s goal is to accelerate the general adoption of digital assets while also ensuring the creation of a proper infrastructure for investors to get exposure to cryptocurrencies in the long term.
“Thoughtful adoption of digital assets based on the principles of consumer protection and compliance can promote a more efficient and inclusive financial system,” said Standard Chartered’s global head of financial markets electronics trading and platforms Geoff Kot.
“Banks have an ongoing responsibility to support the evolution of an open and trusted global financial architecture.”