Investment bank Standard Chartered is planning to grow its cryptocurrency holdings on its balance sheet on behalf of institutional investors. The bank has put out three job applications in the last two weeks to build out a crypto asset team to support this goal.
The bank already revealed it was planning on building a custody solution three months ago. However, two of the bank’s recently published vacancies show that Standard Chartered wants to actively grow its crypto assets under management. This puts Standard Chartered in a position to compete with investment giants like Fidelity, which has already launched a Bitcoin fund for wealthy investors.
“Reporting to Head of Sales and Product you will be responsible for the network management and product strategy that will pro-actively grow assets under management for crypto assets (crypto currencies and other unregulated tokens), targeting institutional investors,” Standard Chartered said in a job description.
In the past, Standard Chartered has already gained exposure to the cryptocurrency industry. In August 2019, the bank completed its first joint blockchain transaction with Linklogis, a supply chain financing service provider in China. Three months later, the bank joined the Enterprise Ethereum Alliance, an organization that promotes the use of Ethereum technology.
The three available roles are junior relationship manager (digital assets), network management, and head of crypto-asset technology risk. Each role is based in London and listed as full-time.
The network management role will cover the overall ecosystem that the custodian is connected to. The ecosystem includes trading venues and exchanges, issuers and services providers among others. The individual will be responsible for creating, developing and executing a network management strategy, the vacancy said, to “increase the value added services offered and grow assets under management for crypto assets.”
The head of crypto-asset technology risk will be at the forefront of the bank’s crypto strategy. The role will lead implementation of the bank’s strategy towards crypto-asset risk position, risk management, and risk appetite. The ideal candidate will have “extensive experience in emerging technology and/or technology in financial services,” according to the vacancy.
Lastly, the junior relationship manager will “manage and develop strong client and partner relationships with key decision makers and influencers through multiple touch points at various levels.” These levels include heads of business units, trading desks, and compliance, among others.