Standard Chartered to Launch Spot Bitcoin & Ethereum Trading Desk
UK-based multinational bank Standard Chartered is officially launching a Spot Bitcoin and Ethereum trading desk. According to a report by Bloomberg, the $820 billion bank’s Stan will be used for buying and selling both BTC and ETH directly. This move makes Standard Chartered one of the first global banks to offer a trading service for the two leading cryptocurrencies.
A Unique Move in the Digital Asset Space
While other banks have offered crypto derivatives trading, Standard Chartered’s decision positions it uniquely in the digital asset sector. The establishment of this trading desk marks a significant step for the institution.
Demand from Institutional Clients
Standard Chartered noted an increased demand from clients for trading Bitcoin and Ethereum. “We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum,” said the bank in an emailed statement.
Previous Ventures in the Crypto Sector
This isn’t Standard Chartered’s first foray into the cryptocurrency sector. The bank has backed crypto custodians Zodia Custody and its exchange, Zodia Markets. Moreover, it launched a tokenization platform, Libeara, in November of this year. The project involved tokenizing government bond funds that use the Singaporean dollar, further showcasing the bank’s venture into the Web3 sector.
Expected Launch Date and Operations
Although no official launch date has been announced, sources indicate that the crypto desk is close to starting operations. The operations will be managed out of the bank’s London office.
In 2024, the United States approved two crypto-based ETFs, a revolutionary move for the asset class. This decision had a significant impact on Bitcoin, driving its price to a landmark of $73,000 in March of this year. Now, with Standard Chartered launching a Spot Bitcoin and Ethereum trading desk, it aims to further support and cater to the growing demand from its clients.
Standard Chartered’s new endeavor underscores its ongoing commitment to expanding its presence in the digital asset trading space.
