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Standard Chartered Becomes First Major Bank To Launch Spot Bitcoin And Ethereum Trading
Standard Chartered has launched spot bitcoin and ethereum trading services for institutional clients, marking a significant milestone as the first major global bank to offer direct cryptocurrency transactions to corporate and investment clients.
The London-based lender announced on Tuesday that it had begun offering bitcoin/dollar and ethereum/dollar trading through its UK branch, targeting institutional clients including corporates, asset managers and investors. The bank said it would soon add non-deliverable forwards contracts, where no physical settlement of the currencies takes place.
Bill Winters, Group Chief Executive of Standard Chartered
"Digital assets are a foundational element of the evolution in financial services," said Bill Winters, Group Chief Executive of Standard Chartered, as reported in the Financial Times. "They're integral to enabling new pathways for innovation, greater inclusion and growth across the industry. As client demand accelerates further, we want to offer clients a route to transact, trade and manage digital asset risk safely and efficiently within regulatory requirements."
The move represents a significant step in the mainstream adoption of cryptocurrencies, as traditional banks have largely remained cautious about offering direct spot trading services. While some banks have provided clients access to bitcoin and ethereum exchange-traded funds approved by regulators last year, most have avoided direct cryptocurrency trading.
The service operates through Standard Chartered's existing foreign exchange platforms, allowing institutional clients to access cryptocurrency trading through familiar interfaces. Clients can choose their preferred custodian for trade settlement, including Standard Chartered's own digital custody solutions.
"We are applying our global expertise, infrastructure and risk management frameworks that our clients trust to the digital assets space," said Tony Hall, Global Head of Trading and XVA, Markets, as reported in The Block. "With growing interest in regulated digital assets solutions, we are well positioned to meet client needs while capturing the opportunities in this space."
Standard Chartered is registered with the UK's Financial Conduct Authority as a cryptoasset service provider, providing clients with regulatory assurance and institutional-grade risk controls. The bank said this structure addresses many barriers that institutions face when attempting to trade cryptocurrencies through less regulated venues.
The launch builds on Standard Chartered's existing cryptocurrency infrastructure, which includes custody services through Zodia Custody and over-the-counter trading via Zodia Markets. In 2020, the bank backed crypto trading and custody business Zodia through its ventures arm.
The announcement comes as cryptocurrencies have experienced renewed popularity following Donald Trump's return to the White House in January. Bitcoin reached a record high of almost $123,000 this week, while the Securities and Exchange Commission has significantly reduced enforcement actions against crypto companies under the Trump administration.
Standard Chartered's entry into direct cryptocurrency trading reflects growing institutional demand for regulated digital asset services. The bank's move positions it ahead of competitors, with Morgan Stanley reportedly considering crypto trading through its retail arm ETrade, according to previous reports.
The service launch represents the latest expansion of Standard Chartered's digital asset capabilities, which also includes tokenisation services through its venture Libeara. The bank has been working with regulators since at least June 2024 to develop the spot trading desk under its foreign exchange unit.
