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Standard Chartered is launching its spot trading operations specifically for Bitcoin (BTC) and Ethereum (ETH), Bloomberg reported on Friday, citing people familiar with the matter. The new offering will expand the bank's suite of digital asset services, including cryptocurrency custody and OTC trading.
Standard Chartered's foreign exchange trading division will handle operations of the new cryptocurrency desk, which is expected to begin trading soon and operate from London, as reported.
While banks like Goldman Sachs Group have offered crypto derivatives, direct trading in the assets has been limited due to strict regulations. Rules proposed by the Basel Committee on Banking Supervision have hindered profitability by requiring a high risk weight for cryptocurrency exposure.
Standard Chartered is working with regulators to address concerns and meet demand from its institutional clients who want to trade Bitcoin and Ethereum.
“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 of supporting clients across the broader digital asset ecosystem, from access and custody to tokenization and interoperability,” a Standard Chartered representative said.
The launch will make Standard Chartered one of the first major banks to establish a spot cryptocurrency trading desk, paving the way for broader institutional adoption.
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