Global banking giant Standard Chartered is launching a Bitcoin and ether trading desk, positioning itself as one of the first major banks to offer Bitcoin trading services.
UPDATE: Standard Chartered Bank is building an $800 billion facility #Bitcoin trading desk – Bloomberg
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According to recent reports from Bloomberg, a new London-based Bitcoin trading desk will soon be operational and will be part of the bank’s FX trading unit. Standard Chartered has been optimistic about Bitcoin for years and is now moving to meet the growing demand of the institution.
Standard Chartered said, “We have been working closely with our regulators to support our clients’ demand for a Bitcoin and Ether trading facility.”
The bank already offers crypto custody through its stake in Zodia Custody. It is also an investor in Zodia markets, which trades institutional Bitcoin and crypto. This bolt-on trading desk represents the next phase in Standard Chartered’s Bitcoin push.
This move comes as the Bitcoin ETF gets approved and launched in all major markets such as the US, UK, Hong Kong and Australia. With increased appetite, banks are realizing that they must adapt to remain competitive.
Standard Chartered’s offering of direct Bitcoin trading capabilities reflects the rapid increase in Bitcoin adoption. It shows that banks are looking at Bitcoin as a valuable new asset class that they can no longer avoid.
This infrastructure development will make the institution more widely accepted. Other major banks are likely to follow Standard Chartered’s lead in issuing Bitcoin trading.
