Standard Chartered – a multinational banking entity from the UK – has reportedly become a member of a fintech firms and banks alliance, working towards fast-tracking the crypto practices adoption. 

Specifically, Standard Chartered reportedly disclosed details of its initiative to become a part of the crypto and digital finance industry membership body Global Digital Finance (GDF) Patron Board. 

Being a member of the alliance, the bank will reportedly assist in engaging with regulators and lawmakers across the globe, together with different key players throughout the sector, dedicated to crypto assets. 

Per the GDF, Standard Chartered is reportedly the first entity in the banking sphere to take part in the group’s patron board – which is made up of ten other members, including crypto exchanges Coinbase, Huobi, Six Digital Exchange, and 100x Group – the parent firm behind BitMEX. 

The alliance reportedly has a primary goal of accelerating mainstream adoption of digital assets, as well as making sure the design of appropriate infrastructure for investors is in place, to gain crypto exposure. 

“Thoughtful adoption of digital assets based on the principles of consumer protection and compliance can promote a more efficient and inclusive financial system. Banks have an ongoing responsibility to support the evolution of an open and trusted global financial architecture.” Standard Chartered’s global head of financial markets electronics trading and platforms Geoff Kot further remarked. 

Established in 2018, the GDF is reportedly made up of members coming from a variety of sectors – banking, blockchain, crypto, and financial organization – and from different nations. The entity rolled out statements supporting pro-crypto legislation in America.