UK-based Standard Chartered Bank has become a member of the Global Digital Finance Patron Board along with top cryptocurrency exchanges like Coinbase and Huobi. Global Digital Finance is an alliance of companies operating in the Fintech sector. Their goal is to promote the adoption of digital assets and cryptocurrencies.
In an official announcement, the UK-based banking company, Standard Chartered said that they will be joining the Global Digital Finance, or GDF, Patron Board. Now the bank will also join forces with other blockchain-based companies and organizations to promote the use of cryptocurrencies. It will also up its efforts to make local and international lawmakers make crypto-friendly regulations.
GDF, in its statement, confirmed that Standard Chartered is the first bank to join the group’s patron board. It has ten members including Coinbase, Huobi, SIX Digital Exchange, and 100x Group which is also the parent company of BitMEX.
“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.”
The group was initially launched back in 2018. Its members have been actively vying for greater adoption of cryptocurrencies. With Standard Chartered Bank as its patron board member, it will only get stronger. It also shows the group is committed and expanding.
“As institutional adoption of digital assets rapidly evolves, we must ensure there is the highest level of industry-wide best practices and standards in place, aligned to emerging policy and regulation thinking and development,” said GDF executive co-chair Lawrence Wintermeyer. “GDF and our members are at the forefront of creating these standards in a shared engagement forum with market participants, policymakers, and regulators.”