Standard Chartered is building a Bitcoin trading desk.
Global banking giant Standard Chartered has opened a Bitcoin and Ethereum spot trading desk, making it one of the first major banks to offer direct Bitcoin spot trading services.
BREAKING NEWS: $800 billion Standard Chartered Bank is making room. #Bitcoin Trading Desk – Bloomberg
Gradually and then suddenly 👏 pic.twitter.com/iwmjFcHgBd
— Bitcoin Magazine (@BitcoinMagazine) June 21, 2024
According to a recent report from Bloomberg, a new London-based Bitcoin trading desk will soon begin operations and become part of the bank’s FX trading department. Standard Chartered has been bullish on Bitcoin for several years and is now moving to meet surging institutional demand.
“We have been working closely with regulators to support the demand from institutional clients looking to trade Bitcoin and Ethereum,” Standard Chartered said.
The bank already offers cryptocurrency custody services through its stake in Zodia Custody. He is also an investor at Zodia Markets, which trades institutional Bitcoin and cryptocurrencies. This additional trading desk represents the next step in Standard Chartered’s Bitcoin push.
The move comes as Bitcoin ETFs have gained approval and been launched in major markets such as the US, UK, Hong Kong, and Australia. As institutional needs grow, banks realize they must adapt to remain competitive.
The direct Bitcoin trading functionality offered by Standard Chartered reflects the accelerating mainstream adoption of Bitcoin. This indicates that banks view Bitcoin as an important new asset class that they can no longer avoid.
Building this infrastructure will ultimately enable broader institutional adoption. Other major banks are likely to follow Standard Chartered in launching Bitcoin spot trading.
