Standard Chartered launches spot trading desk for Bitcoin and Ether
Global banking giant Standard Chartered will launch a spot trading desk for Bitcoin and Ether, making it one of the first major banks to offer direct spot Bitcoin trading services. The new trading desk, which is part of the bank's FX (Foreign Exchange Trading) unit in London, will cater to rising demand for cryptocurrencies from institutional investors. Standard Chartered has been positive on Bitcoin for several years.
Cooperation with regulators for Bitcoin and Ether trading
The bank is working with regulators to facilitate Bitcoin and Ether trading for its institutional clients. Standard Chartered already offers crypto custody services through its stake in Zodia Custody and is an investor in Zodia Markets, a company specializing in institutional Bitcoin and crypto trading.
Bitcoin ETFs and institutional interest in Bitcoin
This new trading desk is the next step in Standard Chartered's commitment to Bitcoin. The initiative comes at the same time as the approval and launch of Bitcoin ETFs (exchange-traded funds) in major markets such as the US, UK, Hong Kong and Australia. These developments highlight the growing institutional interest in Bitcoin.
Institutional acceptance and accelerated mainstream adoption of Bitcoin
Standard Chartered's direct Bitcoin trading services underscore the accelerated mainstream adoption of Bitcoin and reflect banks' recognition of Bitcoin as a new essential asset class. This development is likely to encourage wider institutional adoption and encourage other major banks to also offer spot Bitcoin trading.
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