Standard Chartered, a prominent banking and financial services institution, has unveiled plans to launch a spot trading desk dedicated to the buying and selling of the top two cryptocurrencies in the market, Bitcoin and Ethereum. The announcement was made public by Bloomberg on June 21, citing sources familiar with the matter.
As reported, the trading desk, based in London, is set to kick off operations imminently and will be integrated within Standard Chartered’s foreign exchange trading division. The bank expressed its commitment to supporting institutional clients in their desire to engage in Bitcoin and Ethereum trading, aligning with its broader strategy of facilitating access to the digital asset ecosystem, encompassing custody, tokenization, and interoperability.
By introducing this new feature, Standard Chartered is poised to become one of the pioneering banks globally to venture into cryptocurrency spot trading, marking a significant milestone in the industry’s evolution and expansion.
The new crypto desk is on the verge of launching and will operate under the foreign exchange trading unit of the bank, as per sources who opted to remain anonymous while discussing confidential details. It is anticipated that the desk will be managed from London.
Earlier this year, Standard Chartered released a report forecasting a promising outlook for Bitcoin (BTC), particularly in light of potential approval for spot Exchange Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC). The report predicted a substantial surge in Bitcoin inflows, with estimates suggesting a potential price milestone of US$200 by the conclusion of 2025.
At the time of writing, the price of Bitcoin was noted at US$63,608.88, reflecting a 3.7% decrease over the past 24 hours.
Disclaimer: The opinions and viewpoints expressed by the author and individuals mentioned in this article are intended for informational purposes only and do not constitute financial or investment advice. Engaging in cryptocurrency investment or trading carries inherent risks of financial loss.
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