Standard Chartered Could Make a Groundbreaking Move into Bitcoin and Ethereum Trading
Summary:
Global bank Standard Chartered is reportedly planning to establish a Bitcoin (BTC) and Ethereum (ETH) trading desk in London, marking a potential breakthrough for spot crypto trading among global banking institutions. While unconfirmed by the bank, the move has sparked considerable interest within the crypto community, with many anticipating the impact on investor confidence and mainstream acceptance of crypto trading. This follows a trend of renewed interest in crypto assets among major banking players, including Goldman Sachs.
The global banking giant, Standard Chartered, is reportedly planning to set up a trading desk for Bitcoin (BTC) and Ethereum (ETH). If this proposal goes through, Standard Chartered would become one of the first notable banks to foray into spot crypto trading. As per the news update by Bloomberg on June 21, the trading desk is expected to commence operations soon. Based in London, the proposed crypto desk is intended to align with the bank's FX trading unit, as per unidentified sources.
When Cointelegraph contacted Standard Chartered regarding this, the bank neither confirmed nor dismissed the news. Yet, the bank did disclose that their customers have shown a strong interest in trading BTC and ETH. A statement from the bank read, "In response to the burgeoning demand from our institutional clients for Bitcoin and Ethereum trading, we've been in constant contact with our regulators. This move aligns with our strategy to cater to clients across a wider digital asset space, ranging from access and holding to tokenization and cross-functionality." Beyond this, the representative from Standard Chartered did not offer any additional information.
While the move has not been officially confirmed by Standard Chartered, it has already caused a stir in the crypto community. A Twitter enthusiast hailed the anticipated venture as a 'significant move' and a boon to the growing legitimacy of cryptocurrencies. It was highlighted by the enthusiast that this could enhance investor confidence and thereby, increase adoption. The sentiment was also backed by another user who stated that the possible new step could help mainstream acceptance of trading BTC and ETH. Richard Teng, Binance CEO, extended a warm welcome to Standard Chartered into the world of cryptocurrencies.
Moreover, another participant pondered over the possibility that Standard Chartered is getting ready to accommodate large traditional finance investors which could lead to more capital flowing into Bitcoin.
In related news, another multinational bank, Goldman Sachs, has exhibited an increased interest in crypto assets. Goldman Sachs executive, Max Minton, indicated on March 24 that clients are keenly exploring the crypto industry. He further stated that the resurgence of institutional interest was spurred by the US's approval of spot Bitcoin exchange-traded funds (ETFs).
Published At
6/21/2024 1:58:30 PM
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