The global banking giant Standard Chartered Launching a Bitcoin and Ether spot trading desk, it positions itself as the first major bank to provide direct Bitcoin spot trading.
Standard Chartered Bank to build a new spot worth $800 Billion #Bitcoin trading desk – Bloomberg
Slowly, then suddenlyđ pic.twitter.com/iwmjFcHgBd
— Bitcoin Magazine (@BitcoinMagazine) June 21, 2024
The latest reports on the situation in BloombergSoon, a new Bitcoin desk in London will be operational and part of FX trading. Standard Chartered, which has been a proponent of Bitcoin since years ago, is moving now to satisfy the growing institutional demand.
Standard Chartered has said. “We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ether.”
Through its ownership of Zodia Custody, the bank offers crypto-custody. Also, it is an investor in Zodia Markets that trades Bitcoin and cryptocurrency for institutional investors. Standard Chartered is launching a new trading desk to support its Bitcoin strategy.
This move is a result of the upcoming elections. Bitcoin ETFs Launch in major markets such as the US, UK Hong Kong, Australia and others. As institutional demand grows, banks must be competitive and adapt.
Standard Chartered’s decision to offer direct Bitcoin trade capabilities reflects an accelerating adoption by the mainstream of Bitcoin. This shows that the banks are now embracing Bitcoin as a new and important asset class.Â
The infrastructure will enable a wider adoption by institutions. Standard Chartered is likely to be followed by other major banks in launching spot Bitcoin trading.
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Source: bitcoinmagazine.com
