thecoinrepublic.com
- 1 Standard Chartered is all set to become the first global bank to enter spot cryptocurrency trading.
- 2 The bank is planning to set a Bitcoin and Ether trading desk in London soon.
- 3 No major movement was recorded in Bitcoin and Ethereum prices.
On June 21, Standard Chartered Bank announced a Bitcoin (BTC) and Ether (ETH) trading desk in London. The new London-based desk will initiate operations soon, making Standard Chartered the first global bank to function spot cryptocurrency trading.
Bitcoin and Ether Gaining Wider Institutional Exposure
Cryptocurrencies like BTC and ETH are gaining wider institutional adoption as global banks enter the cryptocurrency market. The upcoming desk will make it effortless for individuals to buy/ sell and trade digital assets including BTC and ETH.
Wu Blockchain shared the news over X.
Standard Chartered Plc is setting up a trading trading desk for Bitcoin and Ether, people familiar with the matter said, making it one of the first global banks to enter spot cryptocurrency trading. It will be run from London. The new crypto desk is close to starting operations…
— Wu Blockchain (@WuBlockchain) June 21, 2024
“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”, stated Standard Chartered.
The bank is a digital asset and blockchain supporter and is strengthening its roots in the crypto industry.
Action’s Reaction on BTC & ETH Prices
The bank’s announcement hasn’t affected BTC and ETH as both digital assets were hovering in the bearish zone.
At press time, BTC was trading at $63,788.64, after a drop of 3.73% in a day with $1,257,766,897,229 in market cap and $26,993,981,232 in 24-hour volume. In the past 7 days, the coin fell from $66,983.57 on June 14 to $63,574.11 on June 21 before hitting $63,788.64.
ETH, alternatively, was trading at $3,496.25, after an intraday decline of 3.18% in a day with a market cap of $427,535,807,789 and $16,105,275,165 in 24-hour volume. In the past 7 days, ETH was hovering in a consolidation stage moving between $3,473.71 on June 14 and $3,457.35 on June 21.
Moreover, this is not the first time the bank expanded its roots in the cryptocurrency industry. It uses blockchain technology for cross-border transactions between Hong Kong and Singapore.
Standard Chartered’s Support for Blockchain
In September 2023, the bank expanded its presence in the Singapore market by launching a subsidiary named Zodia Custody. The move made Zodiac, the first entity to offer crypto custody services for banks and financial institutions in the specific region.
The simple functioning of Zodia Custody is to help large financial institutions store their crypto and motives to expand their roots across Asia-Pacific to fulfill growing digital asset services. Hedge funds and traders to asset managers, prime brokers, and exchanges, all are Zodia’s clients.
Apart from the introduction of Zodia, Standard Chartered also invested in Partior in November 2022 to become a founding shareholder. Furthermore, it integrated a distributed ledger technology (DLT) transaction system with the core banking system.
The financial institution’s move represents a technological advancement in the banking system along with the development of seamless, secure, and efficient global payment systems. Moreover, the bank is committed to constructing a transparent and secure banking ecosystem using blockchain innovation.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.