Key Points
- Standard Chartered is making ready to launch a spot crypto buying and selling desk for Bitcoin and Ether.
- The financial institution is increasing its presence within the cryptocurrency market as a consequence of elevated institutional adoption.
Standard Chartered, a famend multinational financial institution, is reportedly on the verge of beginning its personal spot crypto buying and selling desk for Bitcoin and Ethereum. This information comes from unnamed sources who’re aware of the matter.
Spot Crypto Trading Desk
The financial institution’s transfer into the spot crypto buying and selling market is alleged to be a part of its overseas change unit. It is predicted that this new crypto buying and selling desk will probably be managed from London.
The financial institution said through e mail, “We have been working carefully with our regulators to assist demand from our institutional shoppers to commerce Bitcoin and Ethereum, consistent with our technique to assist shoppers throughout the broader digital asset ecosystem, from entry and custody to tokenization and interoperability.”
Increased Involvement in Cryptocurrency
Standard Chartered is among the many rising variety of giant banks which might be rising their involvement within the cryptocurrency market. This is in response to the rising institutional adoption of this sector.
The financial institution has stakes in two digital asset corporations, Zodia Custody and Zodia Markets, which provide quite a lot of providers from crypto custody to over-the-counter (OTC) buying and selling. In November, Standard Chartered launched a blockchain unit known as Libeara to assist establishments with the tokenization of real-world belongings. This contains supporting the deployment of a tokenized authorities bond fund utilizing the Singaporean greenback.
The worth of Bitcoin fell by over 2% up to now 24 hours and was buying and selling at $64,203 at 5:58 a.m. ET. The GMCI 30 index, which represents a choice of the highest 30 cryptocurrencies, additionally fell by 1.97% to 129.86 in the identical interval.
