Standard Chartered has announced a groundbreaking move in the world of Bitcoin and Ethereum, as reported by Bloomberg. The bank is set to launch a spot crypto trading desk dedicated to these two digital assets.
Sources familiar with the situation revealed that Standard Chartered is in the process of establishing the new crypto desk, which will be integrated into the bank’s FX trading unit. The trading desk is expected to operate out of London, although the exact details remain confidential.
Unlike traditional banks like Goldman Sachs, which have dabbled in cryptocurrency trading, Standard Chartered is taking a bold step by directly dealing with Bitcoin and Ethereum. Strict regulations have hindered banks from engaging with these assets in the past, with the Basel Committee on Banking Supervision recommending high risk weights for crypto exposures.
In an official statement, Standard Chartered expressed their commitment to working with regulators to meet the demands of institutional customers looking to trade Bitcoin and Ethereum. The bank’s strategy aligns with supporting customers in the digital asset ecosystem, covering services from access and custody to tokenization and interoperability.
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