Standard Chartered Introduces Bitcoin Ether Desk for RealTime Crypto Trading
Highlights of the Story
Standard Chartered is set to introduce a spot crypto trading desk for Bitcoin and Ether, making it one of the pioneering major banks to do so.
This new desk will be integrated into the bank’s FX trading unit, catering to the demand from institutional clients.
This move is in line with Standard Chartered’s digital asset strategy, encompassing custody, tokenization, and optimistic forecasts for BTC.
Standard Chartered is causing a stir by entering the world of spot crypto trading, enabling customers to directly trade Bitcoin and Ether. This is indeed a significant development.
This positions the bank as one of the leading global banks to explore spot crypto trading, which has typically taken a backseat to crypto derivatives. The trading desk will be based in London and is scheduled to commence operations soon.
Learn more about this exciting development below.
Venturing into the Crypto Space
As reported by Bloomberg, Standard Chartered has been collaborating closely with regulators to ensure compliance, in response to the rising demand from institutional clients interested in trading Bitcoin and Ethereum. This strategic move reinforces the bank’s commitment to supporting clients in the digital asset sector, providing services such as access, custody, tokenization, and interoperability.
The renowned banking institution has been delving into various crypto-related areas. Recently, Mastercard and Standard Chartered Hong Kong successfully conducted their first live experiment on deposit tokenization using the Mastercard Multi-Token Network (MTN).
It is worth noting that Standard Chartered holds interests in digital asset companies, Zodia Custody and Zodia Markets, through which it offers crypto custody and institutional crypto trading.
Confident Forecasts for Bitcoin’s Future
Standard Chartered has revised its 2024 Bitcoin price prediction to $150,000, up from the previous estimate of $100,000. They anticipate that the price could stabilize around $200,000 following this peak, with a potential all-time high of $250,000 by 2025.
Also Read:
Crypto Market Volatility: Three Altcoins Under Whale Scrutiny
With Standard Chartered introducing a new entry point, could it be time to consider including crypto in your investment portfolio?
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