Standard Chartered to Launch Spot Bitcoin, Ethereum Trading Desk
Standard Chartered is set to establish a spot trading desk for Bitcoin and Ether, becoming one of the first major international banks to enter direct spot cryptocurrency trading. The trading desk will operate from London and will be integrated into the bank's existing FX trading unit. This move is seen as a significant step towards mainstream adoption of cryptocurrencies and reflects the growing importance of digital assets in the global financial ecosystem.
The decision comes amidst increasing institutional demand for cryptocurrencies and follows the approval and launch of Bitcoin ETFs across major markets like the US, UK, Hong Kong, and Australia. Standard Chartered's involvement in the cryptocurrency sector is already notable, with investments in digital asset custodian Zodia Custody and its exchange arm Zodia Markets. The bank has also revised its 2024 forecast for Bitcoin to $150,000, drawing parallels between Bitcoin's price movements and those of gold following the introduction of gold ETFs in the US. The move has been positively received by industry leaders and is expected to prompt other major banks to consider similar initiatives.
