UK-based multinational bank Standard Chartered is officially launching a Spot Bitcoin and Ethereum trading desk. Bloomberg reports that the $820 billion bank’s STAN will be used for buying and selling both BTC and ETH directly. The institution becomes one of the first global banks to offer a trading service for the two leading cryptocurrencies.
The report notes that that desk will begin trading rather soon, according to sources. Although other banks have offered crypto derivatives trading, the decision places Standard Chartered in a league of its own regarding activity in the digital asset space.
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Standard Chartered Announces BTC and ETH Trading Desk
In 2024, the United States approved two crypto-based ETFs, in what is a revolutionary move for the asset class. The decision heavily impacted Bitcoin, with the leading cryptocurrency reaching a landmark price of $73,000 in March of this year.
Now, global institution Standard Chartered Bank is set to launch a Spot Bitcoin and Ethereum trading desk. In an emailed statement, the company noted its work to help support the growing demand that the firm has seen from clients.
“We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum,” Standard Chartered said. The decision isn’t their first foray into the sector. They have backed crypto custodians Zodia Cusotry and its exchange, Zodia Markets.
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The bank has also launched a tokenization platform, Libeara in November of this year. The project tokenized government bond funds that use the Singaporean dollar, and showcase another venture into the Web3 sector for the bank.
The decision is a byproduct of the aforementioned demand from institutional clients. Although no launch date is announced, sources say that the “crypto desk is close to starting operations.” Additionally, sources confirm It will run out of the firm’s London office.
