Standard Chartered, a UK multinational bank has launched a Spot Bitcoin Trading Desk. Bloomberg reports STAN, the bank’s $820 billion trading platform will allow BTC or ETH to be bought and sold directly. This institution is one of the world’s first banks to provide a cryptocurrency trading service.
Sources claim that the desk should begin trading very soon. Standard Chartered has become the first bank in the world to provide crypto derivatives for trading.
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Standard Chartered Announces BTC Trading Desk and ETH Trading Desk
Two crypto-based exchange traded funds (ETFs) will be approved by the United States in 2024. It is an unprecedented move. This decision had a major impact. BitcoinIn March this year, the price of bitcoin reached an all-time high of $73,000.
Standard Chartered Bank will soon launch a Spot Bitcoin & Ethereum trading desk. The company stated in an email that it was working to support clients’ growing demands.
“We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum,” Standard Chartered stated. This is not their first venture into the industry. Zodia Markets and Zodia Custotry are two of their crypto exchanges.
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In November, the bank launched Libeara, a platform for tokenization. This project was a tokenization of government bond funds using the Singaporean Dollar. It also showcased another Web3 venture for the bank.
This decision was a result of institutional client demand. Though no official launch date was announced, the “crypto desk is close to starting operations.” According to sources, It will also be run from the London-based office.
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Source: watcher.guru
