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Banking Giant Standard Chartered to Launch Bitcoin, Ethereum Trading Desk: Details

Published 06/21/2024, 08:03 AM
Updated 06/21/2024, 11:30 AM
© Reuters Banking Giant Standard Chartered to Launch Bitcoin, Ethereum Trading Desk: Details

U.Today - As reported by Bloomberg, banking giant Standard Chartered (OTC:SCBFF) might be on the verge of launching a dedicated trading desk for Bitcoin and Ethereum, according to sources close to the matter. This bold step positions Standard Chartered as one of the pioneering global banks to embrace spot cryptocurrency trading.

The forthcoming crypto desk is nearing operational readiness and is set to become an integral component of the bank's foreign exchange (FX) trading division. The initiative, which is shrouded in confidentiality, has been shared by individuals who prefer to remain anonymous due to the sensitivity of the information.

Slated to be managed from London, the crypto trading desk will mark a significant pivot toward digital assets for Standard Chartered, a bank with a storied history in traditional finance. This move signals the bank's recognition of the growing importance of cryptocurrencies on the global financial landscape.

Standard Chartered is one of several prominent banks expanding its tentacles into cryptocurrency as institutional use grows. It has investments in two cryptocurrency companies, Zodia Custody and Zodia Markets, which provide services ranging from custody to over-the-counter trading.

In recent Bitcoin news, Australia's largest equities exchange listed its first spot Bitcoin (BTC) exchange-traded fund (ETF) on Thursday, as global demand for an easy way to invest in cryptocurrencies grows.

The VanEck Bitcoin ETF (VBTC) began trading on the Australian Securities Exchange (ASX), which accounts for 90% of the country's equity market.

In the past day, Michael Saylor, CEO and cofounder of MicroStrategy, stated that the company has acquired an additional 11,931 BTC for approximately $786 million, utilizing revenues from convertible notes and excess cash at nearly $65,883 per Bitcoin. MicroStrategy now owns 226,331 BTC, purchased for roughly $8.33 billion at an average price of $36,798 per Bitcoin.

This article was originally published on U.Today

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