Standard Chartered is set to launch its own spot crypto trading desk, focusing on the two major cryptocurrencies: Bitcoin and Ethereum
According to Bloomberg’s report, this initiative will be integrated into the bank’s foreign exchange division, operating from London’s financial district. This move comes in response to increasing demand from institutional investors who are eager to explore the crypto industry.
We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum,” Standard Chartered stated in an email, emphasizing their commitment to the wider digital asset ecosystem. This approach aligns with the bank’s strategy to offer comprehensive services, from access and custody to tokenization and interoperability.
Moreover, the bank has already made some investments in digital asset firms including Zodia Custody and Zodia Markets, offering a range of services from secure storage to over-the-counter trading.
Additionally, the London-based bank recently unveiled Libeara, a blockchain unit dedicated to tokenizing real-world assets. This venture has already made headlines by supporting the deployment of a tokenized government bond fund using the Singaporean dollar.
This development comes as Bitcoin’s price experienced a 1.8% dip in the past 24 hours, and is currently trading at $63,849.Â
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