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      Standard Chartered to Launch Spot Trading Desk for Bitcoin and Ethereum as part of London FX Trading Unit

      Published: just now

      Standard Chartered london office

      According to reports from Bloomberg and CoinDesk, Standard Chartered Plc is preparing to launch a spot trading desk for Bitcoin (BTC) and Ethereum (ETH). This move, if confirmed, would position Standard Chartered as one of the first global banks to enter the spot cryptocurrency trading market.

       

      Bloomberg, citing people familiar with the matter, reports that the new crypto trading desk is close to starting operations and will be part of the bank's foreign exchange (FX) trading unit based in London. CoinDesk corroborated this information, adding that the desk will start operations soon.

       

      In response to these reports, Standard Chartered provided a statement to CoinDesk, saying: "We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability."

       

      Bloomberg notes that while several banks, including Goldman Sachs Group Inc., have been trading cryptocurrency derivatives for years, regulatory constraints have largely prevented them from dealing directly with the underlying digital assets. The Basel Committee on Banking Supervision has proposed stringent risk weightings for crypto exposures, making it challenging for banks to generate profits in this area.

       

      Standard Chartered has an existing presence in the crypto space through its stakes in Zodia Custody and Zodia Markets, which offer services ranging from custody to over-the-counter trading. The bank also launched Libeara, a blockchain unit aimed at helping institutions tokenise traditional assets, in November 2023.

       

      Standard Chartered's move comes at a time when institutional involvement in cryptocurrencies is growing, despite recent market volatility.

       

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