Global banking giant Standard Chartered is entering the crypto space with a new spot trading desk for bitcoin and ethereum, as revealed in a Bloomberg report. crypto-trading-stanchart-launches-spot-btc–eth-desk” target=”_blank” rel=”noopener nofollow”>report. This development positions Standard Chartered as one of the first major global banks to directly participate in the trading of the underlying cryptoassets, an area that has seen cautious participation from major global banks due primarily to strict regulatory landscapes.
Standard Chartered will offer bitcoin and ethereum
The newly established trading desk is integrated within the bank's foreign exchange (FX) trading unit and is strategically located in London, a global financial center, sources with knowledge of the situation said. This operation will begin imminently, making Standard Chartered one of the first major global banks to facilitate spot trading in real bitcoin and Ether assets, as opposed to more commonly traded crypto derivatives.
The decision to launch a spot cryptocurrency trading desk comes from a meticulous period of planning and regulatory consultation. “We have been working closely with our regulators to support our institutional clients' demand to trade bitcoin and ethereum, in line with our strategy to support clients across the broader digital asset ecosystem, from access and custody to tokenization and interoperability,” the bank conveyed. Through an official statement.
This initiative is not Standard Chartered's first foray into the digital assets space. The bank has been actively involved in the cryptocurrency sector through significant investments in related infrastructures such as Zodia Custody and Zodia Markets, which provide services ranging from digital asset custody to sophisticated over-the-counter trading solutions.
Further expanding its blockchain efforts, Standard Chartered launched Libeara, a dedicated blockchain unit aimed at helping institutions tokenize traditional assets. Notably, this includes an innovative project for the creation of a tokenized government bond fund denominated in Singapore dollars, demonstrating the bank's commitment to integrating blockchain technology with conventional financial instruments.
Beyond the operational details of the trading desk, the bank's commitment to the cryptocurrency market is also reflected in its market analysis and forecasts. Recently, analysts at Standard Chartered, including Geoffrey Kendrick, who heads emerging markets research, issued a surprisingly optimistic prediction about the trajectory of bitcoin prices, particularly in the context of the upcoming US presidential election.
“As we get closer to the US elections, I expect it to reach $100,000 and then $150,000 by the end of the year in the event of a Trump victory,” Kendrick said, suggesting that political outcomes could significantly influence the market dynamics.
Long term, Kendrick sees bitcoin reaching $200,000 by the end of 2025, driven by continued strong investment flows into the recently launched bitcoin spot ETFs, which he believes will attract sustained pension-type investments.
At the time of publication, btc was trading at $63,657.
Featured image by x @BTC_Archive, chart from TradingView.com
