Global major bank Standard Chartered has launched a Bitcoin and Ethereum spot trading desk, positioning itself as one of the first major banks to offer direct Bitcoin spot trading services.
BREAKING: $800 billion Standard Chartered Bank is building Spot #Bitcoin Trading Desk – Bloomberg
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— Bitcoin Magazine (@BitcoinMagazine) June 21, 2024
According to a recent report BloombergThe new London-based Bitcoin trading desk will begin operations shortly and will be part of the bank’s FX trading division. Standard Chartered has been a Bitcoin supporter for many years and is now moving to meet surging institutional demand.
Standard Chartered said it has “worked closely with regulators to meet institutional demand for trading in Bitcoin and Ethereum.”
The bank already offers cryptocurrency custody services through its investment in Zodia Custody, and has also invested in Zodia Markets, which trades bitcoin and cryptocurrencies for institutional investors. The additional trading desk represents the next step in Standard Chartered’s Bitcoin push.
This movement Bitcoin ETFs Launched with approval in key markets including the US, UK, Hong Kong and Australia. As demand from institutional investors grows, banks realize they need to adapt to stay competitive.
Standard Chartered’s offering of direct Bitcoin trading capabilities reflects Bitcoin’s accelerating mainstream adoption, signaling that banks view it as a significant new asset class that can no longer be avoided.
This infrastructure will allow for wider institutional adoption, and other major banks are likely to follow Standard Chartered’s lead and roll out spot trading for Bitcoin.
