Standard Chartered is set to launch a new London-based spot trading desk for Bitcoin (BTC) and Ether (ETH), integrating it into the bank’s FX trading unit.
Pioneering Move into Spot Cryptocurrency Trading
Standard Chartered is poised to become one of the first global banks to enter the realm of spot cryptocurrency trading. This strategic move will see the bank offering direct trading services for Bitcoin and Ether, expanding its digital asset services.
Integration with FX Trading Unit
The new spot trading desk will be based in London and will soon start operations as part of Standard Chartered’s FX trading unit. This development was confirmed by the bank in a statement to CoinDesk and initially reported by Bloomberg, citing sources familiar with the matter.
Commitment to Digital Asset Ecosystem
Standard Chartered has emphasized its commitment to supporting institutional clients in the digital asset ecosystem. “We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” the bank stated in an emailed communication.
Established Presence in Cryptocurrency
The bank’s foray into spot cryptocurrency trading builds on its existing involvement in the digital asset space. Standard Chartered is a significant backer of Zodia Custody, a digital asset custodian, and Zodia Markets, its exchange arm. This move further cements its position as a key player in the cryptocurrency market.
Conclusion
Standard Chartered’s establishment of a spot trading desk for Bitcoin and Ether marks a pioneering step among global banks. This initiative reflects the bank’s dedication to meeting the evolving needs of its institutional clients and enhancing its footprint in the digital asset ecosystem.
