Standard Chartered Launches Spot Bitcoin and Ethereum Trading Desk
Standard Chartered Bank, a UK-based multinational bank with assets totaling $820 billion, is making waves in the financial world by officially launching a Spot Bitcoin and Ethereum trading desk. This move positions the institution as one of the first global banks to offer a trading service for the two leading cryptocurrencies.
According to Bloomberg reports, the trading desk, known as STAN, will facilitate the direct buying and selling of Bitcoin and Ethereum. While other banks have dabbled in crypto derivatives trading, Standard Chartered’s decision to offer spot trading for these digital assets sets it apart in the industry.
Sources indicate that the trading desk will commence operations soon, marking a significant step for the bank in the digital asset space. This development comes on the heels of the United States approving two crypto-based ETFs in 2024, leading to a surge in Bitcoin’s price to $73,000 in March of the same year.
In an emailed statement, Standard Chartered highlighted its efforts to meet the growing demand from institutional clients for Bitcoin and Ethereum trading services. The bank has been working closely with regulators to navigate the regulatory landscape and support its clients’ needs in the crypto space.
Moreover, Standard Chartered has previously shown its commitment to the crypto sector by backing crypto custodians Zodia Custody and Zodia Markets. The bank’s foray into the digital asset space also includes the launch of a tokenization platform called Libeara, which tokenized government bond funds denominated in the Singaporean dollar.
While no official launch date has been announced for the spot trading desk, sources suggest that it is on the verge of starting operations and will be based out of the bank’s London office. This strategic move underscores Standard Chartered’s proactive approach to meeting the evolving needs of its clients in the rapidly expanding crypto market.
