UPDATE: Standard Chartered has just announced a groundbreaking move, becoming the first global bank to offer spot trading for Bitcoin and Ether to institutional clients. This service is currently available through the bank’s UK branches and is set to revolutionize access to cryptocurrency trading for major financial institutions.
The new trading platform is live now and allows institutional clients to engage in Bitcoin and Ether trading during Asia and Europe trading hours. According to Rene Michau, the bank’s global head of digital assets, the service aims to expand to 24/5 access as client demand grows. “We define institutional clients as financial institutions such as asset managers and large multinational companies,” Michau stated in an email.
This pivotal launch integrates into Standard Chartered’s existing trading platforms, enabling corporates and asset managers to navigate crypto markets using familiar foreign exchange interfaces. Clients have the flexibility to settle trades to any custodian, including Standard Chartered’s own custody service.
Standard Chartered has been actively involved in the cryptocurrency space, providing digital asset custody and trading through its corporate and investment banking division. Their partnerships with companies like Zodia Custody and Zodia Markets further enhance their digital asset offerings.
Currently, the focus remains strictly on Bitcoin and Ether spot trading, but there are plans to expand the suite of services to include non-deliverable forwards (NDFs) trading for these cryptocurrencies, Michau confirmed.
This bold step by Standard Chartered comes at a time when interest in cryptocurrencies is surging among institutional investors. The bank’s initiative not only positions it as a pioneer in the global banking sector but also signifies a significant shift in the acceptance of digital assets within traditional finance.
As demand for cryptocurrency trading continues to rise, all eyes will be on Standard Chartered to see how this new offering evolves and impacts the broader financial landscape. Investors and institutions are encouraged to stay tuned for updates as the bank adapts its services to meet the needs of its clients.
This launch is expected to resonate across the financial world, sparking discussions on the future of cryptocurrency trading and its integration into mainstream finance.
