- Standard Chartered is eyeing a spot cryptocurrency trading desk for Bitcoin and Ether.
- The bank would become the first global banking giant to make a foray into spot crypto trading.
- Standard Chartered backs institutional crypto trading platform Zodia Markets, an arm of Zodia Custody.
Standard Chartered Plc. is reportedly setting up a spot trading desk for Bitcoin (BTC) and Ether (ETH), Bloomberg reports.
Standard Chartered’s crypto desk to launch in London
According to people familiar with the development, Standard Chartered’s new crypto trading desk will be based in London and is close to going live. Furthermore, the crypto desk is set to be part of the banking giant’s FX trading unit.
Standard Chartered is a leading multinational bank and investment giant and its foray into spot crypto, when it happens, will mark a key milestone for global banks.
Over the past few years, banks such as Goldman Sachs have traded crypto derivatives. However, the strict regulatory landscape and other rules have meant that no major bank has dealt directly with the trading of underlying assets such as Bitcoin and Ethereum.
Per the Bloomberg report, Standard Chartered has worked closely with regulators as it looks to offer products and services that cater to growing demand from institutional clients.
The trading desk for BTC and ETH aligns with the bank’s “strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” it said in a statement.
This move adds to recent developments such as Standard Chartered’s backing of FCA-regulated institutional crypto trading platform Zodia Markets.