Standard Chartered Enters Crypto Trading Game
Standard Chartered, the British banking giant, is making waves in the cryptocurrency market by launching a trading desk for Bitcoin (BTC) and Ethereum (ETH). This move positions the bank as a pioneer among global financial institutions looking to explore spot crypto trading.
Spot Trading Desk in London
Reports reveal that the new crypto trading desk at Standard Chartered will be based in London, operating within its foreign exchange (FX) trading unit. While specific details are scarce, the bank has emphasized its adherence to regulatory standards while catering to institutional clients interested in trading Bitcoin and Ethereum.
- Standard Chartered sets up a trading desk for Bitcoin and Ethereum
- Desk to operate from London within the bank’s FX trading unit
- Focus on regulatory compliance and supporting institutional clients
Banking Giant Embraces Crypto
Standard Chartered’s latest move follows its support for two crypto firms, Zodia Custody and Zodia Markets, which offer a range of services from custody solutions to over-the-counter trading for institutional investors. Additionally, the bank unveiled its blockchain unit, Libeara, through its investment arm, SC Ventures.
- Standard Chartered backs Zodia Custody and Zodia Markets in the crypto space
- Launches blockchain unit Libeara via SC Ventures
Libeara’s Fintech Innovations
Libeara has been actively involved in the fintech sector, being recognized as a finalist in the Monetary Authority of Singapore’s Global Retail Central Bank Digital Currency (CBDC) Challenge. The company has developed digital platform prototypes for various governments, including Hong Kong, Ghana, and the Philippines.
- Libeara participates in the MAS Global Retail CBDC Challenge
- Works on tokenization of traditional assets and digital platforms
The Future of Finance
By venturing into spot crypto trading, Standard Chartered underscores the growing acceptance of digital assets within traditional financial institutions. This strategic move could pave the way for other banks to explore opportunities in the thriving digital asset market, signaling a new era of financial innovation.
Hot Take: Standard Chartered’s Crypto Leap
In a groundbreaking development, Standard Chartered is making its mark in the cryptocurrency realm with the launch of a trading desk for Bitcoin and Ethereum. This move signals a shift in the financial landscape as traditional banks begin to embrace the opportunities presented by digital assets.
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