- British multinational bank Standard Chartered is preparing to launch a trading desk dedicated to Bitcoin and Ether.
- This move marks Standard Chartered as one of the first global banks to engage directly in spot cryptocurrency trading.
- Industry insiders have noted Standard Chartered’s extensive engagement with the digital asset sector over recent years.
Standard Chartered is set to pioneer among major global banks with its move into direct spot trading of Bitcoin and Ether, reflecting growing institutional demand for digital asset exposure.
Standard Chartered Ventures Into Direct Spot Trading
Recent reports suggest that Standard Chartered is on the verge of launching a new crypto trading desk, which will be part of its foreign exchange (FX) trading unit in London. Though the bank has not officially confirmed the initiative, an internal source indicated the platform is nearly ready for operation.
An email statement from the bank emphasized the notable client demand for Bitcoin and Ethereum, stating,
“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.”
Standard Chartered has intensified its activities within the digital assets space to accommodate the growing institutional appetite. Presently, the bank holds investments in two cryptocurrency firms, Zodia Custody and Zodia Markets, which provide services ranging from digital asset custody to over-the-counter trading.
The bank’s recent partnership with crypto exchange Coinbase, established last year for Singaporean users, underscores its increasing involvement in the sector.
Furthermore, Standard Chartered introduced a blockchain division named “Libeara” a few months back, aimed at assisting institutional clients in tokenizing traditional assets. This division is currently working on a tokenized fund for government bonds denominated in Singapore dollars.
Standard Chartered’s Optimism Towards Digital Assets
In a February blog post, Standard Chartered expressed a positive outlook on digital assets, recognizing their significance in the future financial landscape. The bank also acknowledged the transformative potential of stablecoins within the sector.
Additionally, Standard Chartered has shared optimistic projections for Bitcoin’s market trajectory, suggesting that the cryptocurrency could soar to $250,000 by 2025, provided that spot ETF inflows reach the mid-point estimate of $75 billion.
Conclusion
Standard Chartered’s forthcoming venture into spot cryptocurrency trading signifies a pivotal moment for institutional engagement with digital assets. By integrating Bitcoin and Ether trading into its FX unit and supporting comprehensive custody and tokenization services, the bank is positioning itself at the forefront of the evolving digital finance landscape. With a robust strategy and an optimistic market outlook, Standard Chartered is set to play a crucial role in the mainstream adoption and growth of the crypto sector.
