Standard Chartered, a leading institution in banking and financial services, has unveiled plans to establish a spot trading desk for the two largest cryptocurrencies in the market, Bitcoin and Ethereum. This revelation comes from a recent report by Bloomberg on June 21, citing sources familiar with the matter.
According to the publication, the desk, based in London, is set to commence operations soon, as confirmed by insiders. Additionally, the bank’s new feature will be part of Standard Chartered’s foreign exchange trading unit.
“We have been working closely with our regulators to support the demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to assist clients across the broader digital assets ecosystem, from access and custody to tokenization and interoperability,” highlighted Standard Chartered.
With the implementation of this feature, Standard Chartered would become one of the first banks globally to enter the cryptocurrency spot trading arena, cementing its position as a significant milestone in the sector’s development and growth.
The new crypto desk is on the verge of commencing operations and will be integrated into the bank’s foreign exchange trading unit, as disclosed by two anonymous sources. It will be managed from London, according to one source.
It’s worth noting that earlier this year, Standard Chartered released a report foreseeing a bright future for Bitcoin (BTC), particularly with the approval of Exchange Traded Funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). The report projected a substantial increase in Bitcoin inflows, predicting that the BTC price could reach $200,000 by the end of 2025.
At the time of writing, the price of Bitcoin was quoted at $63,608.88, marking a 3.7% decrease in the last 24 hours.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial advice. Investing in cryptocurrencies involves a risk of financial loss.
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