Standard Chartered Plans to Offer Spot Trading Desk for Bitcoin and Ethereum
Standard Chartered Bank is planning to offer a spot trading desk for Bitcoin and Ethereum to enable direct spot trading of cryptocurrencies, according to an insider. This latest development aligns with the multinational bank’s huge interest in the crypto market.
The London-based bank is among several large financial institutions expanding their involvement in the cryptocurrency market as institutional adoption of the sector increases.
The insider quoted by Bloomberg claimed that Standard Chartered spot trading desk would operate from London and be a part of the bank’s FX division.
Standard Chartered has been a covert player in the crypto sector for a while. The bank holds substantial stakes in crypto firms, Zodia Custody and Zodia Markets. Zodia Custoday offers crypto custody services, while Zodia Markets offers crypto trading for institutions.
Banking Giant Standard Chartered's Crypto Custody Firm Zodia Launches in Hong Kong
Zodia, a crypto custody firm owned by the British banking giant Standard Chartered, is set to introduce its services in Hong Kong. The company's CEO highlighted the Hong Kong government's and… pic.twitter.com/O9vCuOG2P6
— M A S T E R (@master_health_) October 31, 2023
These crypto-centric investments underline the bank’s commitment to the digital asset space and its readiness to provide services to its clients.
Meanwhile, the forthcoming debut of Standard Chartered spot trading desk coincides with the rollout of spot Bitcoin exchange-traded funds (ETFs) across major markets, especially in Asia and North America.
Crypto enthusiasts expect Standard Chartered’s Bitcoin and Ethereum desk to pave the way for other major banks to offer spot crypto trading services to retail and institutional investors.
Besides the
Read more on cryptonews.com
