Standard Chartered to Launch Cryptocurrency Trading Desk
Standard Chartered PLC is stepping into the cryptocurrency world by launching a cryptocurrency trading desk. This move positions the bank among the first global lenders to offer spot trading of digital currencies.
Both Bitcoin and Ether will be available for trading as part of the bank's foreign exchange trading division.
Other major financial institutions like Goldman Sachs have ventured into crypto derivatives trading, but lenders have faced challenges dealing in the actual underlying assets due to regulatory constraints.
"We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability," Standard Chartered said.
The bank has prior engagements in the cryptocurrency sector through investments in crypto companies such as Zodia Custody and Zodia Markets, which provide safeguarding and trading services.
Moreover, Standard Chartered launched a blockchain arm called Libeara to assist organizations in tokenizing more common assets.
This strategic move highlights the bank’s commitment to embracing the digital future and expanding its services to meet the growing demand from institutional clients.
