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According to a recent Bloomberg report, British banking giant Standard Chartered is setting up a trading desk for Bitcoin (BTC) and Ethereum (ETH).
This move makes Standard Chartered one of the first global banks to enter spot crypto trading.
Standard Chartered Leads Banks into Spot Bitcoin and Ether Trading
According to sources, the bank’s new crypto trading desk will operate from London. It will be a part of its foreign exchange (FX) trading unit. However, no further details were provided until the time of publication.
The report further reveals that Standard Chartered emphasized its commitment to regulatory compliance while supporting institutional clients in trading Bitcoin and Ethereum. The news has sparked enthusiasm within the crypto community, with notable figures like Binance CEO Richard Teng expressing their excitement.
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“Welcome to crypto, Standard Chartered,” Teng remarked.
The bank already backs two crypto firms, Zodia Custody and Zodia Markets. These firms provide various services, from custody to over-the-counter trading for institutional clients. Additionally, Standard Chartered launched its blockchain unit, Libeara, in November through its investment arm, SC Ventures.
Libeara has been a notable participant in the fintech sector, particularly highlighted by its role as a finalist in the Monetary Authority of Singapore’s (MAS) Global Retail CBDC Challenge. The company has a track record of implementing digital platform prototypes, which governments in Hong Kong, Ghana, and the Philippines have utilized.
Moreover, Libeara is dedicated to innovating within the financial sector by facilitating the tokenization of traditional assets. One of its key initiatives includes the creation of a tokenized government bond fund denominated in Singaporean dollars (SGD).
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Standard Chartered’s foray into the spot crypto trading segment signifies increasing acceptance of digital assets among traditional financial institutions. This pioneering move could set a precedent, encouraging other conventional financial entities to engage with the thriving digital asset market.