Standard Chartered Plans to Offer Spot Trading Desk for Bitcoin and Ethereum

Bitcoin Ethereum Standard Chartered
Last updated:
Author
Author
Jimmy Aki
About Author

Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Standard Chartered Bank is planning to offer a spot trading desk for Bitcoin and Ethereum to enable direct spot trading of cryptocurrencies, according to an insider. This latest development aligns with the multinational bank’s huge interest in the crypto market.

Standard Chartered Spot Trading Offering Meets Institutional Demand

The London-based bank is among several large financial institutions expanding their involvement in the cryptocurrency market as institutional adoption of the sector increases.

The insider quoted by Bloomberg claimed that Standard Chartered spot trading desk would operate from London and be a part of the bank’s FX division.

Standard Chartered has been a covert player in the crypto sector for a while. The bank holds substantial stakes in crypto firms, Zodia Custody and Zodia Markets. Zodia Custoday offers crypto custody services, while Zodia Markets offers crypto trading for institutions.

These crypto-centric investments underline the bank’s commitment to the digital asset space and its readiness to provide services to its clients.

Meanwhile, the forthcoming debut of Standard Chartered spot trading desk coincides with the rollout of spot Bitcoin exchange-traded funds (ETFs) across major markets, especially in Asia and North America.

Crypto enthusiasts expect Standard Chartered’s Bitcoin and Ethereum desk to pave the way for other major banks to offer spot crypto trading services to retail and institutional investors.

Besides the trading desk, Standard Chartered has remained bullish on Bitcoin and Ethereum prices. The banking giant expects the rollout of spot Bitcoin ETF to propel the Bitcoin price to $200K by 2024.

Standard Chartered also expects Ethereum to surpass $8,000 by the end of 2024 following the approval of spot Ether ETF.

Standard Chartered Continues Blockchain Expansion

In addition to its involvement in cryptocurrency trading, Standard Chartered has been actively exploring blockchain technology to improve financial services.

In November 2023, the London-based bank launched a blockchain unit called Libeara to assist institutions with the tokenization of real-world assets. Libeara partnered with FundBridge Capital, a Singapore-regulated fund platform, to create a tokenized Singapore-dollar government bond fund for accredited investors.

Tokenization is the process of converting physical or tangible assets into digital tokens on a blockchain, representing ownership and facilitating easier and more secure trading.

In the same vein, HSBC Holdings recently launched a platform to tokenize ownership of physical gold held in its London vault, and UBS Asset Management initiated a pilot for a tokenized money market fund on Ethereum in October 2023.

More Articles

Blockchain News
What’s Happening in Crypto Today? Daily Crypto News Digest
Sead Fadilpašić
Sead Fadilpašić
2025-02-13 14:10:00
Blockchain News
US Regulators Explore New Ways to Jointly Work on Crypto Regulations: Report
Jimmy Aki
Jimmy Aki
2025-02-13 14:04:16
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors