Global banking giant Standard Chartered is launching a Bitcoin and Ether spot trading desk, 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 venue #Bitcoin Trading Desk – Bloomberg
Gradually 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 moving to meet growing institutional demand.
“We have been working closely with our regulators to support demand from our institutional clients for trading Bitcoin and Ethereum,” Standard Chartered said.
The bank already offers crypto custody through its stake in Zodia Custody. It is also an investor in Zodia Markets, which trades bitcoin and institutional cryptocurrencies. This proven trading desk represents the next stage in Standard Chartered's Bitcoin push.
The move comes as Bitcoin exchange-traded funds receive approval and launch in key markets such as the US, UK, Hong Kong and Australia. As institutional appetite grows, banks realize they must adapt to remain competitive.
Standard Chartered Bank's offering of direct Bitcoin trading capabilities reflects the accelerating mainstream adoption of Bitcoin. This suggests that banks view Bitcoin as an important new asset class that they can no longer avoid.
This infrastructure building will in turn enable broader institutional adoption. Other major banks are likely to follow Standard Chartered's lead in introducing spot Bitcoin trading.