Standard Chartered to Launch Spot Crypto Trading Desk
Standard Chartered is set to launch its own spot crypto trading desk, focusing on the two major cryptocurrencies: Bitcoin and Ethereum
According to Bloomberg’s report, this initiative will be integrated into the bank’s foreign exchange division, operating from London’s financial district. This move comes in response to increasing demand from institutional investors who are eager to explore the crypto industry.
We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum,” Standard Chartered stated in an email, emphasizing their commitment to the wider digital asset ecosystem. This approach aligns with the bank’s strategy to offer comprehensive services, from access and custody to tokenization and interoperability.
Moreover, the bank has already made some investments in digital asset firms including Zodia Custody and Zodia Markets, offering a range of services from secure storage to over-the-counter trading.
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Additionally, the London-based bank recently unveiled Libeara, a blockchain unit dedicated to tokenizing real-world assets. This venture has already made headlines by supporting the deployment of a tokenized government bond fund using the Singaporean dollar.
This development comes as Bitcoin’s price experienced a 1.8% dip in the past 24 hours, and is currently trading at $63,849.
Standard Chartered to Launch Spot Crypto Trading Desk
Standard Chartered is preparing to introduce its own spot crypto trading desk that will focus on Bitcoin and Ethereum. This initiative, reported by Bloomberg, will be part of the bank’s foreign exchange division in London and aims to meet the growing interest from institutional investors in the crypto market.
The bank has stressed its collaboration with regulators to facilitate this service for its institutional clients, underlining its dedication to the broader digital asset ecosystem. This aligns with Standard Chartered’s strategy to provide a full range of services, including access, custody, tokenization, and interoperability.
Additionally, the bank has invested in digital asset firms such as Zodia Custody and Zodia Markets, which offer secure storage and over-the-counter trading.
Standard Chartered also recently launched Libeara, a blockchain unit focused on tokenizing real-world assets, and supported a tokenized government bond fund in Singaporean dollars.
This announcement comes as Bitcoin’s price saw a 1.8% decrease in the past 24 hours, trading at $63,849.
