Standard Chartered to Launch London-Based Bitcoin Trading Desk Amid Crypto Market Expansion

  • Standard Chartered, a prominent British banking institution, is on the cusp of establishing a trading desk for Bitcoin (BTC) and Ethereum (ETH) in London.
  • Sources indicate the new venture will encompass spot market crypto trading and integrate into the bank’s foreign exchange trading service.
  • Standard Chartered has conveyed its commitment to supporting institutional clients in their cryptocurrency trading needs.

British banking giant Standard Chartered is set to launch a London-based Bitcoin and Ethereum trading desk, signaling a robust entry into the spot market crypto trading landscape.

Standard Chartered to Introduce Crypto Trading Desk

Standard Chartered is reportedly on the verge of unveiling a new trading desk focused on Bitcoin (BTC) and Ethereum (ETH), based in London. This initiative is part of the bank’s strategy to meet the growing demand from its institutional clients. The information, disclosed by anonymous individuals familiar with the development, suggests that this move will significantly enhance the bank’s capabilities in the digital asset ecosystem.

Integration with Existing Services

The new crypto trading desk will be integrated into Standard Chartered’s established foreign exchange trading service. This integration aims to provide seamless trading experiences for clients already engaged in forex markets, thereby offering them reliable and regulated access to the leading cryptocurrencies. The bank has been in continuous communication with regulators to ensure compliance and support for this new venture.

Supporting the Digital Asset Ecosystem

According to an email statement by Standard Chartered to Bloomberg, the bank has been diligent in collaborating with regulatory bodies. This collaboration aims to provide comprehensive support for clients interested in trading Bitcoin and Ethereum. The trading desk’s establishment is a testament to the bank’s broader strategy of engaging with the digital asset ecosystem, encompassing aspects like access, custody, tokenization, and interoperability.

Previous Blockchain Endeavors: Libeara

Last year, Standard Chartered introduced Libeara, a platform designed to facilitate the tokenization of real-world assets. This initiative aligns with the bank’s current plan of entering the spot market crypto trading sphere, reflecting its ongoing commitment to blockchain technology and digital assets.

Market Predictions and Analyst Insights

Earlier this year, Standard Chartered’s analysts upgraded their 2025 price prediction for Bitcoin by 50%, in light of the successful launch of spot market Bitcoin ETFs approved by regulators in January. Analyst Geoff Kendrick noted in an investor memo that the bank’s revised target price for Bitcoin in 2025 is $150,000, up from the previous forecast of $100,000.

Current Market Performance

As of the latest trading session, Bitcoin is valued at $64,132, reflecting a 1.55% decline over the past 24 hours. This recent development underscores the volatile nature of the cryptocurrency market and the importance of strategic investment approaches.

Conclusion

Standard Chartered’s impending launch of a Bitcoin and Ethereum trading desk marks a significant milestone in the bank’s digital asset strategy. By integrating this new service within its existing foreign exchange trading framework, the bank aims to fulfill the growing demands of institutional investors. This move, coupled with its engagement in projects like Libeara, solidifies Standard Chartered’s position at the forefront of the evolving crypto landscape. Investors and stakeholders should keep a close watch on this development as it unfolds, considering its potential implications for future market dynamics.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin Price Levels: Threat of $95,000 Liquidations and Potential Surge Beyond $99,000

According to COINOTAG News</ on November 24th, recent data...

Luggis.eth Unlocks $1.03 Million in ILV from Illuvium Farming and Swaps for 286 ETH

On November 24th, COINOTAG reported a significant transaction within...

Bitcoin Volatility Index Drops to 66.32: Insights on Market Expectations and Trends

On November 24th, the BitVol Index, a metric designed...

Bitcoin Miners Opt for Empty Blocks: Economic Strategy at Height 871732

On November 24th, COINOTAG reported a significant occurrence in...

Howard Lutnick Strengthens Financial Ties with Tether Holdings Ltd. to Launch Billion-Dollar Bitcoin Loan Initiative

On November 24th, 2023, COINOTAG reported that renowned entrepreneur...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img