Standard Chartered to Launch Spot Bitcoin & Ethereum Trading Desk

UK-based multinational bank Standard Chartered is officially launching a Spot Bitcoin and Ethereum trading desk. Bloomberg Reports that the bank’s $820 billion STAN will be used to directly buy and sell BTC and ETH. The institution becomes one of the first global banks to offer a trading service for the two main cryptocurrencies.

The report notes that this office will begin negotiations relatively soon, according to sources. Although other banks offer crypto derivatives trading, the decision puts Standard Chartered in a league of its own when it comes to digital asset activity.

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Standard Chartered announces BTC and ETH trading desk

Source: Blockchain Journalist

In 2024, the United States approved two crypto-based ETFs, which is a revolutionary step forward for the asset class. The decision had a considerable impact Bitcointhe leading cryptocurrency reaching an all-time price of $73,000 in March 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 highlighted its work to help meet the growing demand the company has seen from customers.

“We are working closely with our regulators to meet the demand from our institutional clients to trade Bitcoin and Ethereum,” Standard Chartered said. This move is not their first foray into the sector. They supported crypto custodians Zodia Cusotry and its exchange, Zodia Markets.

Source: CNBC

Read also: Standard Chartered: Solana and XRP ETFs could launch in 2025

The bank also launched a tokenization platform, Libeara, in November this year. The project tokenizes government bond funds that use the Singapore dollar and introduces another business in the Web3 sector for the bank.

This move is a byproduct of the aforementioned demand from institutional clients. Although no launch date is announced, sources claim that the “crypto desk is close to starting operations.” Additionally, sources confirm that the company will operate from the company’s London office.

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