Standard Chartered, a renowned British multinational bank, has taken a bold step by announcing the launch of a trading desk for Bitcoin and Ether. This move positions the bank as one of the pioneers in global banking to actively engage in spot cryptocurrency trading. The decision comes after Standard Chartered has been actively involved in the digital asset space and has forged partnerships with various entities to meet the growing demand for crypto exposure.
According to sources close to the matter, the new crypto desk at Standard Chartered is nearing completion and will be seamlessly integrated into the bank’s FX trading unit. The strategic location for this desk will be in London, although the bank has not yet officially confirmed this initiative. However, they did acknowledge the surge in demand for Bitcoin and Ethereum from their institutional clients. In an email statement, the bank expressed their close collaboration with regulators to meet the needs of their clients in trading digital assets.
In addition to setting up a trading desk for cryptocurrencies, Standard Chartered has further expanded its foothold in the digital assets sector. The bank has acquired stakes in two cryptocurrency firms, Zodia Custody and Zodia Markets, offering services like custody and over-the-counter trading. Moreover, a strategic banking partnership with Coinbase for Singapore users and the launch of “Libeara,” a blockchain division focusing on tokenizing traditional assets, showcase the bank’s commitment to diversifying its offerings to meet the growing demand in the market.
In a recent blog post, Standard Chartered emphasized its belief in the long-term potential of digital assets in the financial services industry. The bank is also optimistic about the future of stablecoins. Notably, Standard Chartered has made bullish predictions regarding Bitcoin’s price movements, suggesting that the cryptocurrency could potentially reach $250,000 by 2025 if spot ETF inflows reach the estimated figure of $75 billion. This bold projection demonstrates the bank’s confidence in the cryptocurrency market and its willingness to adapt to the changing landscape of finance.
Standard Chartered’s foray into the crypto market marks a significant milestone in the evolution of traditional banking. By embracing cryptocurrencies and expanding its digital assets offerings, the bank is positioning itself as a leading player in the ever-evolving financial landscape. With a keen focus on innovation and collaboration, Standard Chartered is poised to capture new opportunities and drive growth in the crypto market.
