Standard Chartered Developing Bitcoin and Ethereum Trading Desk: Report
Standard Chartered is set to pioneer spot cryptocurrency trading among global banks, a move that underscores its deepening involvement in the digital asset space. The bank’s foray into spot trading will focus on bitcoin and ether, according to a report by Bloomberg. This initiative positions Standard Chartered at the forefront of mainstream financial institutions embracing the cryptocurrency market.
The establishment of a spot trading desk in London marks a significant step for Standard Chartered, signaling its commitment to expanding its offerings in the digital asset sector. The desk, slated to commence operations imminently, will be integrated into the bank’s FX trading unit, sources familiar with the matter revealed.
By venturing into spot cryptocurrency trading, Standard Chartered joins a select group of global banks actively participating in this space. While some institutions have been trading crypto derivatives for years, the bank’s move into spot trading reflects a strategic shift towards engaging directly with digital assets like bitcoin and ether.
In a statement shared with Bloomberg, Standard Chartered highlighted its collaboration with regulators to meet the rising demand from institutional clients seeking exposure to bitcoin and ether. The bank’s strategic approach aligns with its broader vision of supporting clients across the digital asset ecosystem, encompassing services ranging from access and custody to tokenization and interoperability.
Standard Chartered’s commitment to the cryptocurrency sector extends beyond spot trading, as evidenced by its backing of Zodia Custody, a digital asset custodian, and Zodia Markets, an affiliated exchange platform. These investments underscore the bank’s holistic approach to engaging with the evolving digital asset landscape, positioning it as a key player in the industry.
Despite its growing involvement in the cryptocurrency space, Standard Chartered has yet to respond to requests for further comment from CoinDesk, indicating that the bank may be focusing on executing its strategic initiatives in the digital asset realm.
As Standard Chartered prepares to launch its spot trading desk for bitcoin and ether, the banking giant’s strategic moves underscore its proactive stance in embracing the opportunities presented by the rapidly evolving digital asset landscape.
