Standard Chartered Enters the Crypto Space With a New Spot Trading Desk for Bitcoin and Ethereum

This development positions Standard Chartered as one of the first major global banks to engage directly in the trading of the underlying crypto assets

Standard Chartered Enters Crypto With New Spot Trading Desk

Banking Giant to Offer Bitcoin and Ethereum Trading Desk

Global banking behemoth Standard Chartered is reportedly entering the crypto domain with a new spot trading desk for Bitcoin and Ethereum, according to a Bloomberg report. This development marks a significant shift in strategy for major global banks, as they have largely refrained from engaging directly in the trading of underlying crypto assets due to stringent regulatory landscapes.

The newly established trading desk is integrated within the bank's foreign exchange (FX) trading unit and is strategically positioned in London, sources familiar with the matter disclosed. This operation is set to begin imminently, making Standard Chartered one of the first major global banks to facilitate spot trading on actual Bitcoin and Ether assets, as opposed to the more commonly traded crypto derivatives.

This decision follows a period of planning and regulatory consultations. “We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” the bank stated in an official statement.

This initiative marks Standard Chartered's entry into the spot crypto trading domain, although the bank has previously participated in the cryptocurrency sector through substantial investments in related infrastructures. These include Zodia Custody and Zodia Markets, which provide services ranging from digital asset custody to sophisticated over-the-counter trading solutions.

Expanding its blockchain endeavors, Standard Chartered also launched Libeara, a dedicated blockchain unit that assists institutions in tokenizing traditional assets. Notably, this includes an innovative project for the creation of a tokenized government bond fund denominated in Singaporean dollars, showcasing the bank's efforts to integrate blockchain technology with conventional financial instruments.

Beyond the operational details of the trading desk, the bank's engagement with the crypto market is also evident in its market analysis and forecasts. Recently, Standard Chartered's analysts, including Geoffrey Kendrick who leads emerging markets research, issued a strikingly optimistic prediction for Bitcoin's price trajectory, particularly in the context of the upcoming US presidential elections.

“As we approach the US election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,” Kendrick stated, suggesting that political outcomes could significantly influence market dynamics.

In the longer term, Kendrick envisions Bitcoin reaching as high as $200,000 by the end of 2025, thanks to robust and continuous investment inflows into newly launched Bitcoin spot ETFs, which he believes will attract sustained pension-type investments.

At press time, BTC trades at $63,657.

News source：https://www.kdj.com/cryptocurrencies-news/articles/standard-chartered-enters-crypto-space-spot-trading-desk-bitcoin-ethereum.html

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