Standard Chartered to launch Spot Crypto Trading Desk for Bitcoin and Ether
Standard Chartered Plc is reportedly setting up a trading desk for Bitcoin (BTC) and Ethereum (ETH), according to a report by Bloomberg. This makes it one of the first global banks to offer spot cryptocurrency trading.
According to a Bloomberg report on Friday, two people who asked not to be identified because they were discussing private information stated that the multinational bank based in the United Kingdom intends to join the spot cryptocurrency trading market through its FX trading unit. One of the sources familiar with the matter revealed that the crypto trading desk will be run out of London.
"In keeping with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability, we have been working closely with our regulators to support demand from our institutional clients to trade bitcoin and Ethereum," the bank stated in an email statement that was obtained by Bloomberg.
The London-listed bank's foreign exchange trading division will offer both Bitcoin and Ether for trading. Major banks like Goldman Sachs have allowed traders to trade cryptocurrency derivatives, but regulatory restrictions have made it difficult for lenders to offer to deal in the underlying asset.
As the industry's institutional adoption grows, Standard Chartered is one of several major banks that is increasing its presence in the cryptocurrency space. Two digital asset companies that offer services ranging from over-the-counter (OTC) trading to crypto custody are Zodia Custody and Zodia Markets, in which the bank has invested. If other major banks take a similar stance., the impact on cryptocurrency volumes and value could be hugely significant.
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