Standard Chartered, a leading British multinational bank, is reportedly on the verge of launching its own spot crypto trading desk for Bitcoin (BTC) and Ethereum (ETH). This move signals the bank’s growing interest in the cryptocurrency market, particularly as institutional adoption continues to gain momentum.
According to Bloomberg’s sources, the trading desk will be integrated into Standard Chartered’s existing foreign exchange (FX) unit and operate from London. This aligns with the bank’s previous statement highlighting their commitment to supporting institutional clients with their digital asset needs.
“We’ve been working closely with regulators to meet our institutional clients’ demand for trading Bitcoin and Ethereum,” the bank said in a statement obtained by Bloomberg. “This aligns with our strategy of supporting clients across the entire digital asset landscape, encompassing access, custody, tokenization, and interoperability.”
Standard Chartered isn’t the only traditional financial institution dipping its toes into the crypto pool. Several major banks are actively expanding their involvement in the space, recognizing the increasing adoption of cryptocurrencies by institutional investors.
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This isn’t Standard Chartered’s first foray into the digital asset ecosystem. The bank already holds stakes in Zodia Custody and Zodia Markets, two firms offering services like crypto custody and over-the-counter (OTC) trading. Additionally, in November 2023, they launched Libeara, a blockchain unit specifically designed to assist institutions with tokenizing real-world assets, including government bonds.
The news comes amidst a slight downturn in the crypto market. Over the past 24 hours, Bitcoin’s price has dipped over 2%, currently trading around $64,203 according to The Block. Similarly, the GMCI 30 index, representing the top 30 cryptocurrencies, has also experienced a decline of nearly 2%.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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