- This new platform will be integrated with the bank’s foreign exchange (FX) trading unit.
- The bank is reportedly working with regulators to ensure compliance while meeting institutional client demand for Bitcoin and Ether trading.
Standard Chartered is establishing a dedicated spot trading desk for Bitcoin and Ether in London, Bloomberg reported citing sources familiar with the matter. This new venture marks the bank’s entry into the realm of direct cryptocurrency trading, promising to enhance its digital asset offerings and cater to rising client demand.
This new desk, soon to commence operations, will reportedly integrate with the bank’s FX trading unit. By entering the spot cryptocurrency trading space, Standard Chartered will be among the first global banks to offer direct crypto trading services, a significant milestone in the financial industry’s evolving landscape.
In a statement to CoinDesk, the global lender highlighted its collaborative efforts with regulators to meet institutional client demand for trading Bitcoin and Ether. It mentioned that it has been working closely with its regulators to support demand from its institutional clients to trade Bitcoin and Ether. This step highlights the bank’s approach to regulatory compliance as it expands its digital asset services.
See Related: Standard Chartered Tips Bitcoin to $150K at Year-End, Optimistic of Ether ETF Approval
Bridging Institutional Demand and Regulatory Compliance
Standard Chartered’s involvement in the cryptocurrency sector is offered through its support of Zodia Custody, a digital asset custodian, and its exchange arm, Zodia Markets. These ventures have laid the groundwork for the bank’s deeper integration into the crypto market. By adding a spot trading desk, Standard Chartered aims to provide comprehensive services across the digital asset ecosystem, encompassing access, custody, and trading.
While other global banks have engaged in cryptocurrency derivatives trading for several years, Standard Chartered’s move into spot trading is notable. It reflects a broader trend of traditional financial institutions recognizing the value and potential of direct cryptocurrency trading. As the market for digital assets continues to mature, Standard Chartered’s initiative could pave the way for other banks to follow suit.
