Standard Chartered to begin spot Bitcoin and Ethereum operations – DiarioBitcoin
By Hannah Perez
Standard Chartered will debut a Bitcoin and Ethereum trading desk in London, becoming one of the first major banks to open the door to spot cryptocurrency trading.
***
- The British bank Standard Chartered makes a new bet on Bitcoin
- Hopes to Be One of the First to Open Bitcoin and Ethereum Spot Trading
- Your new crypto trading desk will be managed from London
Standard Chartered is making a new effort to incorporate digital assets into its traditional business.
The British multinational bank is preparing to launch a trading desk Bitcoin (BTC) and Ethereum (ETH) in cash in London, as reported this Friday by the news agency Bloomberg.
The plans, if realized, will represent the income of Standard Chartered to spot cryptocurrency operations. Until now, some banks have been trading cryptocurrency derivatives, but have stayed away from physical or spot assets. standard would become one of the first global banks to enter cryptocurrency spot trading.
“We have been working closely with our regulators to support our institutional clients’ demand to trade Bitcoin and Ethereum, in line with our strategy of supporting clients across the broader digital asset ecosystem, from access and custody. to tokenization and interoperability“, said Standard Chartered in an emailed statement, according to the report.
The new business is expected to begin operating soon as part of the bank’s foreign exchange operations unit, people familiar with the matter said. The report does not provide a launch schedule
The bank with offices in London is not new to the world of cryptocurrencies.
Standard Chartered has stakes in two digital asset companies, Zodia Custody and Zodia Marketswhich offer services ranging from cryptocurrency custody to over-the-counter (OTC) trading, as the report recalls.
It also has its own unit Blockchain call Liberawhich launched last November and is designed to help institutions with the tokenization of real-world assets. This includes supporting the implementation of a tokenized government bond fund using the Singapore dollar.
The bank’s analysts have also been broadly optimistic with the two main cryptocurrencies by market capitalization, making bullish forecasts for both Bitcoin as for Ethereum. They recently raised their projection for BTC to USD $200,000 by 2025, while they expect ETH to be around USD $8,000 by the end of this year.
It is the latest bank looking to expand its share of the cryptocurrency market as institutional adoption of the sector increases. The launch of exchange-traded funds (ETFs) Bitcoin cash in the US, and the recent approval of a similar product based on Ethereumhas given greater confidence to institutions to venture into the sector.
Bitcoin is trading around USD $63,800 with a drop of 3.77% in the last 24 hours, while the ETFs of Bitcoin American spot traders have extended the previous week’s losses this week.
Article by Hannah Estefanía Pérez / DailyBitcoin
Picture of Unsplash
WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.
