Standard Chartered to Introduce Spot Trading Desk for Bitcoin and Ethereum

Standard Chartered Bank is making plans to introduce a spot trading desk for Bitcoin and Ethereum in order to facilitate direct spot trading of cryptocurrencies, as per an insider. This latest move is in line with the multinational bank’s significant interest in the crypto market.
The London-based bank is one of many large financial institutions expanding their participation in the cryptocurrency market as institutional adoption of the sector grows.
According to a source quoted by Bloomberg, the Standard Chartered spot trading desk will be based in London and will be part of the bank’s FX division.
Standard Chartered has been quietly involved in the crypto sector for some time. The bank holds substantial stakes in crypto firms, Zodia Custody and Zodia Markets. Zodia Custody provides crypto custody services, while Zodia Markets offers crypto trading for institutions.
These investments in the crypto space demonstrate the bank’s dedication to digital assets and its readiness to offer services to its clients.
At the same time, the upcoming launch of Standard Chartered’s spot trading desk coincides with the introduction of spot Bitcoin exchange-traded funds (ETFs) in major markets, particularly in Asia and North America.
Crypto enthusiasts anticipate that Standard Chartered’s Bitcoin and Ethereum desk will pave the way for other major banks to offer spot crypto trading services to both retail and institutional investors.
In addition to the trading desk, Standard Chartered has remained optimistic about Bitcoin and Ethereum prices. The banking giant predicts that the rollout of spot Bitcoin ETFs will drive the Bitcoin price to $200K by 2024.
Standard Chartered also anticipates that Ethereum will exceed $8,000 by the end of 2024 following the approval of a spot Ether ETF.
Furthermore, aside from its involvement in cryptocurrency trading, Standard Chartered has been actively exploring blockchain technology to enhance financial services.
In November 2023, the London-based bank established a blockchain unit called Libeara to assist institutions with the tokenization of real-world assets. Libeara collaborated with FundBridge Capital, a Singapore-regulated fund platform, to create a tokenized Singapore-dollar government bond fund for accredited investors.
Tokenization involves converting physical or tangible assets into digital tokens on a blockchain, representing ownership and enabling easier and more secure trading.
Similarly, HSBC Holdings recently launched a platform to tokenize ownership of physical gold held in its London vault, and UBS Asset Management initiated a pilot for a tokenized money market fund on Ethereum in October 2023.