Standard Chartered’s Chairman Says Cryptocurrencies Are Here To Stay

The chairman of Standard Chartered (a financial institution based in England) named José Viñals considers that the crypto world is the place where the presence of every institution regarding finance requires its presence. As per him, businesses focusing on the dealings of virtual assets will experience a considerable upsurge with time.

 José Viñals’ viewpoint

CNBC recently interviewed Standard Chartered’s chairman. He disclosed to provide support for the industry of cryptocurrency. In his opinion, the monetary institutions which are involved in crypto asset activities would witness enormous advancement in the upcoming days. He also aspires that prominent banks, as well as large companies, would follow the steps of Standard Chartered in adopting crypto space during the next weeks. He mentioned that the field of cryptocurrency is a place in which each financial institution requires its existence. He disclosed that his organization agreed to commence a collaboration regarding a custody project for virtual assets because crypto will remain as it is.

Viñals further revealed that the firms offering services regarding digital assets should deliver full security to the investors as concerning the financial stability. He additionally urged that more regulations should be planned to be imposed over the crypto market, as the deficiency in the regulation would result in numerous issues. Supervision, he stated, is fundamental due to another reason which is that the criminals could be able otherwise to utilize cryptocurrencies for their illegal operations, which is extremely dangerous for the entire community.

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Standard Chartered’s latest crypto project, “Olea”

The England-based multinational institution of banking (Standard Chartered) partnered with Linklogis (a financial technology firm) for initiating a new platform regarding trade finance which would be executed over blockchain technology. It has been recently reported that the name of the project would be Olea. The project would target bringing those institutional investors together who are pursuing the opportunities under the substitutive asset class.

The platform’s CEO “Amelia Ng” suggested that the partnership could prove to be significantly advantageous regarding the sector of finance. She explained that the Olea project is exclusively placed to bring revolution in trade finance, making it a force for worthy activities as it would incorporate the expertise of risk management and Linklogis’ chain technology innovations that would work internationally, including the Middle East and Africa in an unparalleled way.