News

Standard Chartered Crypto Trading Desk Prepared to Launch to Support Clients

Key Points:

Standard Chartered is set to launch a spot crypto trading desk for Bitcoin and Ethereum.
The Standard Chartered crypto trading desk, based in London, will be part of the bank’s FX trading unit.

Standard Chartered is preparing to launch its own spot crypto trading desk for Bitcoin and Ethereum, as per the Bloomberg report dated June 21. The multinational bank’s new venture will make it one of the first global banking institutions to engage in spot cryptocurrency trading.

Standard Chartered Crypto Trading Desk To Be Launched

The Standard Chartered crypto trading desk is expected to begin operations soon. The initiative will be housed within Standard Chartered’s foreign exchange (FX) trading unit and will operate from London, United Kingdom.

In an emailed statement reported by Bloomberg, Standard Chartered emphasized its commitment to meeting institutional client demand for Bitcoin and Ethereum trading.

“We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” the bank stated.

Institutional Demand Drives New Blockchain Initiatives

Standard Chartered crypto trading desk is part of a broader trend among large banks deepening their involvement in the cryptocurrency market as institutional adoption of digital assets grows. The bank already holds stakes in two crypto firms, Zodia Custody, and Zodia Markets, which provide services ranging from custody to over-the-counter trading.

In September 2023, Zodia Custody launched Yield and Staking crypto services, enabling corporate customers to earn returns from holding crypto assets. Additionally, Zodia Custody has partnered with SBI Digital Asset Holdings to establish a crypto custody business in Japan.

Moreover, Standard Chartered introduced a blockchain unit named Libeara to assist institutions in tokenizing traditional assets. This unit is also aiding in the creation of a tokenized government bond fund denominated in Singaporean dollars.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.