Standard Chartered Is Building a Spot BTC, ETH Trading Desk: Bloomberg

As an analyst with a background in traditional finance and a growing interest in digital assets, I find Standard Chartered’s entry into spot cryptocurrency trading an intriguing development. The bank’s decision to establish a trading desk in London and become one of the first global institutions to enter this space is a bold move, especially considering the regulatory challenges and volatility associated with cryptocurrencies.

According to a report by Bloomberg published on Friday, Standard Chartered (STAN) is setting up a desk specifically dedicated to the over-the-counter (OTC) trading of bitcoin and ether.

A new FX trading desk for the bank, located in London, is set to begin its operations imminently and will join the bank’s FX trading team, according to sources familiar with the situation.

As a crypto investor, I’m excited to share that Standard Chartered is planning to join the ranks of the first global banks to begin spot cryptocurrency trading. While some financial institutions have already been actively trading crypto derivatives for quite some time now, Standard Chartered’s entry into the market represents a significant step forward in mainstream adoption and legitimacy of digital currencies within traditional banking circles.

“We have been collaborating closely with regulatory bodies to facilitate Bitcoin and Ethereum trading for our institutional clients, aligning with our goal to serve clients within the expansive digital asset marketplace, encompassing access, custody, tokenization, and interoperability,” Standard Chartered stated in an email communication as mentioned in the article.

The leading bank in the financial sector has firmly entered the cryptocurrency market, serving as a supporter for Zodia Custody, which specializes in storing digital assets, and its trading platform, Zodia Markets.

Standard Chartered did not immediately respond to CoinDesk’s request for further comment.