Standard Chartered, the multinational bank based in the UK, has recently joined forces with the fintech firm Linklogis. The two have worked on the development of the new digital trade finance platform based on blockchain technology, and now, the new platform — called Olea — has just been successfully launched.
The London-headquartered bank aims to achieve several things with the launch of this platform, including bringing together institutional investors and to further expand its own product line. The rush to launch products for institutional traders and investors is not difficult to understand. After getting bolder and bolder with their crypto investing, institutions are now more open than ever to seeking and taking new opportunities in the alternative asset classes. All they need are reliable, trustworthy platforms, many of which have been launching lately.
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Olea is only the latest one. It is actually based in Singapore, and it was revealed that both, Linklogis and Standard Chartered will participate in running and managing the platform.
Standard Chartered was eyeing the opportunity to get into crypto
According to what is known, the platform’s CEO will be Amelia Ng, who is an SC Ventures official. She believes that the joint venture could turn out to be very beneficial for the financial sector, noting that Standard Chartered has unparalleled knowledge of Asia, Africa, the Middle East, alongside plenty of risk management expertise.
Meanwhile, Linklogis is innovative when it comes to supply chain technology, and combining the best of the two could help reinvent trade finance. The two companies have been collaborating in the past, as well, exploring the supply chain finance ecosystem back in 2019.
It is also worth noting that Standard Chartered is quite new in crypto, joining the so-called crypto craze only in June of this year. Still, it moved quickly, and it presented plans to launch an exchange and brokerage in Europe before the year ends. The project was always targeting institutional clients, and it is meant to allow them to trade coins like Bitcoin (BTC/USD), Ethereum (ETH/USD), and other more popular digital currencies.
The new joint venture is something that emerged along the way, but neither Olea nor the upcoming exchange/brokerage come as a surprise, as the bank’s CEO, Bill Winters, stated earlier that the creation and adoption of cryptocurrencies is something absolutely inevitable. In other words, it was only a matter of time before the bank became comfortable enough with the crypto industry to actively join it, and that time appears to be now.
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