UK-based Standard Chartered is officially establishing a spot Bitcoin and Spot Ethereum trading desk. The London-based desk will soon begin operations and be part of the bank’s FX trading unit.
The announcement makes Standard Chartered one of the first global banks to enter the spot cryptocurrency trading space.
Spot Bitcoin, Ethereum Trading Desk
The new crypto trading desk will be used to purchase and sell Bitcoin (BTC) and Ethereum (ETH) directly. With the new trading desk, Standard Chartered has become one of the first global banks to offer a trading service for Bitcoin and Ethereum, two of the world’s leading cryptocurrencies. However, other banks have been offering crypto derivatives for years. In 2022, Wall Street heavyweight Goldman Sachs completed an over-the-counter (OTC) crypto trade with digital asset financial company Galaxy Digital. According to reports, the trading desk will begin operations soon.
“JUST IN: $820 billion Standard Chartered Bank to establish a spot trading desk for buying and selling #Bitcoin and Ethereum.”
Growing Demand For BTC And ETH
The United States Securities and Exchange Commission approved two crypto-based ETFs in a major development for the larger cryptocurrency ecosystem. The SEC approved spot Bitcoin ETFs first, leading to a significant spike in the price of the cryptocurrency, which spiked to a high of $73,000 on the back of its approval. In a statement, Standard Chartered stated that it had registered a growing demand from its clients for the cryptocurrencies in question.
“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.”
Establishing Its Presence In Crypto
Standard Chartered’s involvement in the cryptocurrency ecosystem is well documented. It is also the backer of digital asset custodian Zodia Custody and its exchange arm, Zodia Markets. In November, Standard Chartered also launched a tokenization platform, Libeara. Libeara was created to tokenize government bond funds that use the Singaporean Dollar and has become a crucial venture in the Web3 ecosystem for the bank.
The bank has long been engaged with the crypto ecosystem. Its analysts predict that Bitcoin will reach $100,000 within this year and potentially $150,000 should Trump win the United States Presidential election. Standard Chartered also predicted that the SEC would approve spot Ethereum ETFs. The bank had stated in a report,
“We expect pending applications for ETH U.S. spot ETFs to be approved on May 23, the final deadline for the first of the ETFs under consideration.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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