Global banking giant Chartered Standard is launching a spot trading desk for Bitcoin and ether, positioning itself as one of the first major banks to offer direct Bitcoin spot trading services.
BREAKING: $800 billion Standard Chartered Bank is building a place #Bitcoin trading desk – Bloomberg
Little by little and then suddenly 👏 pic.twitter.com/iwmjFcHgBd
– Bitcoin Magazine (@BitcoinMagazine) June 21, 2024
According to recent reports from Bloomberg, the new London-based Bitcoin trading desk will begin operations soon and will be part of the bank's forex trading unit. Standard Chartered has been positive on Bitcoin for years and is now taking steps to meet growing institutional demand.
Standard Chartered said: “We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ether.”
The bank already offers cryptocurrency custody through its participation in Zodia Custody. He is also an investor in Zodia Markets, which trades Bitcoin and institutional cryptocurrencies. This integrated trading desk represents the next phase in Standard Chartered's Bitcoin push.
The movement arises as Bitcoin ETF get approval and launch in major markets like US, UK, Hong Kong and Australia. With growing institutional appetite, banks realize they must adapt to remain competitive.
Standard Chartered's offering of direct Bitcoin trading capabilities reflects the growing mainstream adoption of Bitcoin. It indicates that banks view Bitcoin as a crucial new asset class that they can no longer avoid.
This infrastructure buildout will, in turn, enable broader institutional adoption. Other major banks are likely to follow Standard Chartered's lead in implementing Bitcoin spot trading.
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