PANews reported on January 12th that, according to Bloomberg, Standard Chartered Bank plans to establish a cryptocurrency prime brokerage business through its venture capital arm, SC Ventures, offering services including custody, financing, and market access. The business is currently in its early stages of development. This move would help it circumvent Basel III's capital requirement of up to 1250% for permissionless crypto assets. Standard Chartered has previously been involved in crypto projects such as Zodia Custody and Zodia Markets, and aims to become the first global systemically important bank to offer spot crypto trading by 2025.