Standard Chartered Enters the Cryptocurrency Market

Standard Chartered (STAN) is making a significant move by establishing a spot trading desk dedicated to buying and selling bitcoin and ether, as reported by Bloomberg on Friday. The new desk, based in London, is set to commence operations in the near future and will be integrated into the bank’s FX trading unit, according to sources familiar with the matter.

By venturing into spot cryptocurrency trading, Standard Chartered is poised to become one of the pioneering global banks in this arena, joining the ranks of institutions that have been actively trading crypto derivatives for several years.

In response to the growing demand from institutional clients for bitcoin and ether trading options, Standard Chartered has been collaborating closely with regulators. The bank’s strategy aligns with its goal to provide comprehensive support for clients within the digital asset space, encompassing access, custody, tokenization, and interoperability.

Standard Chartered has already made significant strides in the cryptocurrency sector, having backed digital asset custodian Zodia Custody and its exchange arm, Zodia Markets. This move further solidifies the banking giant’s commitment to the evolving digital asset landscape.

While Standard Chartered has not yet responded to CoinDesk’s request for additional comments, the bank’s foray into cryptocurrency trading marks a notable development in the traditional banking sector’s engagement with digital assets.