Standard Chartered Launches Bitcoin and Ether Trading Desk
Standard Chartered, a British multinational bank, is venturing into spot cryptocurrency trading by rolling out a trading desk for Bitcoin and Ether. This move positions the bank as one of the first global banks to engage in crypto trading, catering to the increasing demand for exposure to digital assets.
Exploring the World of Digital Assets
Two anonymous sources disclosed to Bloomberg that Standard Chartered’s new crypto desk is nearing completion and will be integrated into the bank’s FX trading unit, with its base in London. The bank has been proactive in engaging with players in the digital asset space, highlighting the growing demand for Bitcoin and Ethereum among its institutional clients.
- The bank partners with various entities to meet the rising demand for crypto exposure
- It focuses on providing support across the digital asset ecosystem, from access and custody to tokenization and interoperability
Industry Partnerships in the Digital Asset Sector
In addition to setting up its trading desk, Standard Chartered holds stakes in two cryptocurrency firms, Zodia Custody and Zodia Markets, offering a range of services from custody to over-the-counter trading. The bank has been actively involved in the digital assets sector, collaborating with major players and expanding its presence to cater to institutional demand.
- Standard Chartered announces a strategic banking partnership with Coinbase for Singapore users
- The bank establishes “Libeara,” a blockchain division focused on tokenizing traditional assets
Embracing the Future of Financial Services
In a blog post earlier this year, Standard Chartered expressed its optimism about digital assets’ future in financial services. The bank views digital assets as a crucial and lasting component of the financial industry, emphasizing the potential of stablecoins. Moreover, Standard Chartered has made bullish predictions about Bitcoin’s price trajectory, foreseeing significant growth if certain conditions are met.
Hot Take: Standard Chartered’s Bold Move into Crypto Trading
Standard Chartered’s foray into spot cryptocurrency trading with the launch of a Bitcoin and Ether trading desk is a significant development in the banking sector. By embracing digital assets and responding to institutional demand for crypto exposure, the bank demonstrates its commitment to innovation and growth in the evolving financial landscape. This strategic move positions Standard Chartered as a pioneer in the integration of traditional banking services with the burgeoning world of cryptocurrencies.
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