Standard Chartered opens Bitcoin and Ethereum spot trading desk

Standard Chartered will soon begin operating its own spot cryptocurrency trading desk for Bitcoin and Ethereum, according to a report.

On Friday, Bloomberg reported that the British multinational bank plans to enter the spot cryptocurrency trading market as part of its FX division, according to people familiar with the matter. According to reports, this cryptocurrency trading desk will operate from London.

“We are working with regulators to support the Bitcoin and Ethereum trading needs of our institutional clients, in line with our strategy to support clients across the broad digital asset ecosystem, from access and custody to tokenization and interoperability,” the bank said. “We have been working closely together,” he said. In an emailed statement reported by Bloomberg.

Standard Chartered is one of several large banks expanding their participation in the cryptocurrency market as institutional adoption grows. The bank holds stakes in Zodia Custody and Zodia Markets, two digital asset companies that offer services ranging from cryptocurrency custody to over-the-counter (OTC) trading.

Last November, Standard Chartered launched a blockchain unit called Libeara to support institutions tokenizing real-world assets. This includes supporting the placement of tokenized government bond funds using the Singapore dollar.

bitcoin BTC

-2.94%
According to The Block’s, the price of has fallen more than 2% over the past 24 hours and is trading at $64,203 at 5:58 a.m. ET. Pricing page. The GMCI 30 index, which represents the top 30 cryptocurrencies, fell 1.97% to 129.86 during the same period.

Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.