Standard Chartered has made a significant move in the world of blockchain, hiring Naveen Mallela as its new executive. Mallela was previously the head of JPMorgan's digital asset division and played a key role in building the bank's $5 billion/day blockchain payments platform.
The appointment marks a strategic shift for Standard Chartered, which has been operating as a 'fast follower' in the blockchain space. By hiring Mallela, the bank is signaling its intent to build its own commercial-scale payment infrastructure and move away from relying on third-party networks.
Mallela's experience and expertise will be crucial in this endeavor, particularly given the growing demand for digital assets in institutional finance. As major banks like HSBC and Citi are expanding their tokenized deposit services, it is clear that the industry is moving towards a more decentralized future.