July 24, 2024
Standard Chartered Bitcoin and Ether Trading Desk
Bitcoin News

Standard Chartered to Launch Bitcoin and Ether Trading Desk

Multinational banking giant Standard Chartered is reportedly making strides toward launching a trading desk for Bitcoin and Ether. This potential move would place Standard Chartered among the first global banks to offer spot trading for these cryptocurrencies.

Standard Chartered’s Plan for BTC and ETH Trading Desk

On June 21, Bloomberg reported that Standard Chartered’s crypto trading desk might soon begin operations. Citing anonymous sources, the report suggests that the trading desk will be part of the bank’s FX trading unit and will operate from London, United Kingdom. The bank has recognized increasing demand from clients to trade Bitcoin and Ethereum. They stated:

“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.”

However, a representative from Standard Chartered declined to provide any further comments on the matter.

Crypto Community’s Enthusiastic Response

While Standard Chartered has not yet confirmed the move, the crypto community has responded with excitement to the potential development. One Twitter user described the move as a “significant step” and a major endorsement of the growing legitimacy of cryptocurrencies. This user believes the bank’s involvement could enhance investor confidence and drive broader adoption of Bitcoin and Ethereum. Another user agreed, suggesting that BTC and ETH trading might gain more mainstream acceptance due to Standard Chartered’s initiative.

Additionally, Binance CEO Richard Teng welcomed Standard Chartered to the crypto space on X, signaling strong support from the crypto industry. Another community member speculated that the bank’s entry into crypto trading is aimed at catering to large traditional finance players, predicting an influx of capital into Bitcoin as a result.

Goldman Sachs and Renewed Interest in Crypto

Standard Chartered isn’t alone in noticing increased interest in cryptocurrencies. Goldman Sachs has also reported a surge in client interest in crypto assets this year. On March 24, Goldman Sachs executive Max Minton highlighted that clients are exploring the crypto sector, attributing the renewed interest to the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. Minton noted that this regulatory approval has sparked a resurgence of institutional interest in Bitcoin and Ethereum.

Conclusion

Standard Chartered’s potential launch of a Bitcoin and Ethereum trading desk signifies a notable shift in the banking sector’s approach to cryptocurrencies. By meeting the demand from institutional clients and integrating crypto trading into their offerings, Standard Chartered could significantly influence the mainstream acceptance and adoption of Bitcoin and Ethereum. As more global banking institutions like Goldman Sachs and Standard Chartered express interest in crypto assets, the financial landscape is poised for considerable transformation.

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Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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