Standard Chartered Bank to Introduce Bitcoin and Ethereum Trading Desk: Here’s What You Need to Know
Standard Chartered, a major banking institution, is reportedly preparing to introduce a specialized trading desk dedicated to Bitcoin and Ethereum, according to sources familiar with the situation. This move positions Standard Chartered as one of the leading global banks to adopt spot cryptocurrency trading.
The upcoming crypto desk is nearing completion and is poised to become a crucial part of the bank’s foreign exchange (FX) trading division. The initiative, which is being kept under wraps, has been disclosed by insiders who have opted to remain anonymous due to the confidential nature of the project.
Based in London, the crypto trading desk signifies a significant shift towards digital assets for Standard Chartered, a bank with a rich history in traditional finance. This strategic decision underscores the bank’s acknowledgment of the increasing significance of cryptocurrencies in the worldwide financial sector.
Standard Chartered is among several prominent financial institutions expanding their involvement in cryptocurrencies as institutional adoption grows. The bank has investments in two cryptocurrency firms, Zodia Custody and Zodia Markets, offering a range of services from custody solutions to over-the-counter trading.
In recent Bitcoin news, Australia’s largest equities exchange recently listed its first spot Bitcoin (BTC) exchange-traded fund (ETF) in response to the rising global demand for convenient cryptocurrency investment options. The VanEck Bitcoin ETF (VBTC) commenced trading on the Australian Securities Exchange (ASX), which represents 90% of the country’s equity market.
Furthermore, Michael Saylor, CEO and cofounder of MicroStrategy, announced the acquisition of an additional 11,931 BTC for approximately $786 million. This purchase was funded through convertible notes and excess cash at an average price of $65,883 per Bitcoin. MicroStrategy now holds 226,331 BTC, acquired for around $8.33 billion at an average price of $36,798 per Bitcoin.
These developments highlight the increasing integration of cryptocurrencies into the traditional financial landscape, with major institutions like Standard Chartered and MicroStrategy actively participating in the growing digital asset market.
