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Standard Chartered is poised to become one of the first global banks to offer Bitcoin and Ethereum trading with the launch of a new desk within its foreign exchange (FX) trading unit. The London-based desk will cater to the growing institutional demand for direct investment in digital assets, particularly following the recent launch of Bitcoin and Ethereum ETFs in the United States.
According to Bloomberg report, this move is part of Standard Chartered’s broader plan to capitalize on the growing interest in digital assets from institutional investors. The bank has been working with regulators to ensure a strong reputation in the nascent crypto asset market.
Standard Chartered’s investments in Zodia Custody and Zodia Markets have already established the company’s presence in the digital asset market. Zodia Custody provides institutional-grade cryptocurrency custody services, while Zodia Markets specializes in digital asset trading.
The decision to launch the new trading desk aligns with recent trends in the financial industry, where interest in crypto assets is surging. The demand for direct investment in these digital assets has increased since the launch of both Ethereum and Bitcoin exchange-traded funds (ETFs) in the United States.
Standard Chartered’s entry into the cryptocurrency space has been marked by several calculated actions. The bank was bullish in May when it predicted that both Bitcoin and Ethereum would reach all-time highs following the approval of spot Ethereum ETFs in the United States. The bank expressed optimism about the wider digital asset market by projecting future approvals of Solana and XRP ETFs.
With this new venture, Standard Chartered aims to provide reliable and efficient Bitcoin trading services by leveraging its extensive experience in traditional financial markets. The bank’s commitment to integrating cryptocurrency trading into its existing financial systems is evident with the addition of the new trading desk to the FX trading business.
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