Standard Chartered, a renowned British multinational bank, has recently announced its plans to launch a trading desk for Bitcoin and Ether. This groundbreaking development sets the bank apart as one of the first global institutions to venture into spot cryptocurrency trading. The decision comes after Standard Chartered’s prolonged engagement with various entities in the digital asset space, reflecting the bank’s proactive approach towards meeting the evolving needs of its clientele.
According to insider sources quoted in a recent Bloomberg report, the new crypto desk is on the verge of becoming operational and will be integrated within the bank’s FX trading unit, with its headquarters speculated to be in London. While Standard Chartered is yet to officially confirm this initiative, the bank acknowledges the increasing demand for Bitcoin and Ethereum among its institutional clients. In an email statement, the bank mentioned its collaborative efforts with regulators to facilitate trading in these popular cryptocurrencies, aligning with its overarching strategy to cater to clients’ needs across the digital asset spectrum.
In addition to its forthcoming crypto desk, Standard Chartered has been actively investing in the digital assets sector to address the rising demand from institutional investors. The bank holds stakes in two cryptocurrency firms, Zodia Custody and Zodia Markets, which offer a range of services encompassing custody and over-the-counter trading. Notably, Standard Chartered’s collaboration with crypto exchange Coinbase for Singapore users and the establishment of “Libeara,” a blockchain division focused on tokenizing traditional assets, underscore its commitment to exploring new frontiers in the digital economy.
Looking ahead, Standard Chartered recognizes the profound impact of digital assets on the future of financial services and remains optimistic about the potential of stablecoins. The bank’s bullish stance on Bitcoin’s price trajectory, with a forecast of reaching $250,000 by 2025 contingent on significant ETF inflows, reflects its confidence in the long-term sustainability of cryptocurrencies. By embracing innovation and strategic partnerships, Standard Chartered is poised to play a pivotal role in shaping the evolving landscape of the cryptocurrency market.
Leave a Reply