Bitcoin

Standard Chartered to launch Spot Bitcoin and Ethereum trading desk

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7 months ago

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UK-based multinational bank Standard Chartered is officially launching a Spot Bitcoin and Ethereum trading desk. Bloomberg Reports that the bank’s $820 billion STAN will be used to buy and sell BTC and ETH directly. The institution becomes one of the first global banks to offer a trading service for the two main cryptocurrencies.

The report notes that this table will begin trading soon, according to sources. While other banks have offered crypto derivatives trading, the decision puts Standard Chartered in a category of its own regarding activity in the digital asset space.

Read too: Bitcoin to hit $100,000 before US elections: Standard Chartered

Standard Chartered announces BTC and ETH trading desk

Source: Blockchain Reporter

In 2024, the United States approved two cryptocurrency-based ETFs, which is a revolutionary move for the asset class. The decision had a strong impact Bitcoinwith the leading cryptocurrency reaching an all-time high price of $73,000 in March this year.

Now, global institution Standard Chartered Bank is set to launch a Spot Bitcoin and Ethereum trading desk. In an emailed statement, the company highlighted its work to help meet the growing demand the company has seen from customers.

“We have been working closely with our regulators to support our institutional clients’ demand to trade Bitcoin and Ethereum,” Standard Chartered said. The decision is not the first foray into the sector. They supported crypto custodians Zodia Cusotry and its exchange, Zodia Markets.Source: CNBC

Read too: Standard Chartered: Solana and XRP ETFs could launch in 2025

The bank also launched a tokenization platform, Libeara, in November this year. The project tokenized government bond funds that use the Singapore dollar and introduced another venture in the Web3 sector for the bank.

The decision is a byproduct of the aforementioned demand from institutional clients. While no launch date has been announced, sources say the “crypto desk is close to starting operations.” Furthermore, sources confirm that it will work from the company’s London office.



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