Standard Chartered Bank, a British multinational bank, has made headlines in the financial world with its decision to launch a trading desk for Bitcoin and Ether. This development marks a significant move for the bank, as it becomes one of the first global banks to engage in spot cryptocurrency trading.
The bank has been actively involved in the digital asset space for some time now, partnering with various entities to meet the increased demand for crypto exposure. Standard Chartered has already invested in two cryptocurrency firms – Zodia Custody and Zodia Markets – which provide services such as custody and over-the-counter trading. Additionally, the bank collaborated with crypto exchange Coinbase for a strategic banking partnership in Singapore last year.
According to sources, the new crypto desk will be integrated into the bank’s FX trading unit, with its base in London. The bank acknowledged the rising demand for Bitcoin and Ethereum among its institutional clients, emphasizing its commitment to supporting clients in the digital asset ecosystem. Standard Chartered’s recent launch of “Libeara,” a blockchain division aimed at tokenizing traditional assets for institutional players, further highlights its dedication to innovative financial services.
In a blog post earlier this year, the bank expressed its belief that digital assets are a crucial and lasting part of the financial services landscape. Standard Chartered has also shown optimism about stablecoins and has been bullish in its predictions for Bitcoin’s future price movements. The bank even forecasted that Bitcoin could potentially reach $250,000 by 2025, provided spot ETF inflows reach the estimated $75 billion mark.
The bank mentioned that it has been collaborating closely with regulators to meet the demands of its institutional clients for Bitcoin and Ethereum trading. This aligns with the bank’s broader strategy to offer a comprehensive range of services in the digital asset space, including access, custody, tokenization, and interoperability. Standard Chartered’s proactive approach to regulatory compliance showcases its commitment to providing secure and transparent financial solutions.
Standard Chartered Bank’s decision to launch a trading desk for Bitcoin and Ether demonstrates its forward-thinking approach towards digital assets. By embracing cryptocurrencies and blockchain technology, the bank is positioning itself as a leader in the evolving financial landscape. With a focus on institutional clients and a strategic vision for the future, Standard Chartered is poised to make a significant impact in the world of digital finance.
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