Standard Chartered Launches Spot Bitcoin and Ether Trading as First Global Bank
Standard Chartered Launches Spot Trading for bitcoin and Ether
First Global Bank to Offer Crypto Trading Services
Standard Chartered has announced that it is the first major global bank to provide spot trading services for bitcoin (BTC) and Ether (ETH) specifically aimed at institutional clients. This new offering is currently available through the bank’s branches in the UK.
Service Availability and Future Plans
According to Rene Michau, the global head of digital assets at Standard Chartered, the trading service is initially accessible during trading hours in Asia and Europe, with plans to consider 24/5 access as client interest grows.
Target Audience and Client Definition
Michau emphasized that the bank’s definition of institutional clients includes financial institutions, asset managers, and large multinational corporations that utilize the services of its corporate and investment banking division.
Existing Crypto Services and Partnerships
Standard Chartered has been actively engaged in the cryptocurrency sector for some time. The bank provides digital asset custody and trading solutions through its corporate and investment banking services, as well as through its investments in companies like Zodia Custody and Zodia Markets. Additionally, it offers digital asset tokenization services via its portfolio company, Libeara.
Integration with Trading Platforms
The new trading service is seamlessly integrated into Standard Chartered’s existing trading platforms, enabling corporate clients, asset managers, and institutional investors to engage with cryptocurrency markets using familiar foreign exchange interfaces. Clients have the flexibility to settle trades with a custodian of their choice, including the bank’s own custody services.
Future Expansion of Services
Currently, the focus remains on spot trading for bitcoin and Ether, but there are plans to broaden the range of services offered for these cryptocurrencies. This includes the potential introduction of non-deliverable forwards (NDFs) trading, as noted by Michau.
This article provides a comprehensive overview of Standard Chartered’s latest initiative in the cryptocurrency space, highlighting its commitment to serving institutional clients and expanding its digital asset offerings.
