21 June 2024
Global banking giant Standard Chartered is launching a spot trading desk for Bitcoin and ether, positioning itself as one of the first major banks to offer direct spot Bitcoin trading services.
BREAKING: $800 billion Standard Chartered Bank is building a spot #Bitcoin trading desk – Bloomberg
Gradually, then suddenly 👏 pic.twitter.com/iwmjFcHgBd
— Bitcoin Magazine (@BitcoinMagazine) June 21, 2024
According to recent reports from Bloomberg, the new London-based Bitcoin trading desk will start operations soon and be part of the bank’s FX trading unit. Standard Chartered has been positive on Bitcoin for years and is now moving to meet surging institutional demand.
Standard Chartered said, “We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ether.”
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.
The move comes as Bitcoin ETFs gain approval and launch across major markets like the US, UK, Hong Kong and Australia. With institutional appetite growing, banks realize they must adapt to remain competitive.
Standard Chartered’s offering of direct Bitcoin trading capabilities reflects the accelerating mainstream adoption of Bitcoin. It indicates that banks consider Bitcoin a crucial new asset class they can no longer avoid.
This infrastructure buildout will, in turn, enable wider institutional adoption. Other major banks will likely follow Standard Chartered’s lead in rolling out spot Bitcoin trading.