Seeing the growing acceptance of digital currencies by traditional financial institutions, Standard Chartered is set to launch a spot trading desk for Bitcoin (BTC) and Ethereum (ETH). The UK-headquartered bank will thereby be offering direct trading services for leading cryptocurrencies.
While no specific launch date has been announced, sources indicate that the trading desk is close to starting operations.
🚨 BREAKING: Standard Chartered Goes Crypto-Crazy! 💰
The banking giant is launching a spot trading desk for #Bitcoin and #Ethereum ! 🌙🚀
This move makes Standard Chartered one of the first global banks to dive into the wild world of #cryptotrading ! 🌍💸
The new London-based… pic.twitter.com/ycZg4Sa9Uy
— YG crypto (@ygcrypto) June 21, 2024
The newly established crypto trading desk is integrated into Standard Chartered’s Foreign Exchange (FX) trading decision.
The crypto division is headquartered in London and will leverage the bank’s existing expertise in FX trading to facilitate seamless operations for crypto trading.
Increase In Demand For Crypto From Institutional Clients
Standard Chartered’s bold move was apparently made to meet the crypto needs of its clients.
According to a recent Bloomberg report, the bank has been working with regulators and ensuring compliance to support this new venture. “We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum,” the bank stated.
This is not Standard Chartered’s first attempt to dive deeper into crypto-related services. Previously, the bank invested in Zodia custody, a digital asset custodian, and its trading arm, Zodia Markets.
Back in November 2023, the bank also launched a tokenization platform for tokenizing government’s bond funds using the Singaporean dollar.
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What Does Standard Chartered’s Spot Trading Desk Mean For Crypto Market?
Standard Chartered’s entry into spot cryptocurrency trading is likely to have a ripple effect across the broader digital asset ecosystem.
The bank’s new crypto desk signals a growing acceptance and adoption of digital currencies by traditional financial institutions, which have historically been cautious about entering the crypto space.
Additionally, it may lead to increased regulatory scrutiny and the development of more robust frameworks to govern cryptocurrency trading.
Looking ahead, Standard Chartered’s move could pave the way for the introduction of more cryptocurrency-related financial products and services. For instance, the bank has hinted at the possibility of launching Solana and XRP ETFs in 2025, further expanding its offerings in the digital asset space.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
