Standard Chartered plans to introduce a spot cryptocurrency trading desk for Bitcoin and Ethereum, integrating it within its FX division to cater to institutional clients.
Bollywood Fever: On June 21, Bloomberg’s Emily Nicolle reported that Standard Chartered is on the verge of launching a spot cryptocurrency trading desk that will facilitate transactions in Bitcoin (BTC) and Ethereum (ETH). This new initiative will be integrated within the bank’s foreign exchange (FX) division.
“We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” Standard Chartered communicated to Nicolle via email.
Standard Chartered has a longstanding engagement in cryptocurrency investments, with its analysts predicting a significant rise in Bitcoin’s value. The British bank’s market strategists have recently forecasted that BTC could reach $100,000 within this year and potentially $150,000 under certain conditions. Furthermore, the bank’s analysts had accurately predicted that the U.S. Securities and Exchange Commission (SEC) would approve spot Ethereum exchange-traded funds (ETFs).
This move reflects Standard Chartered’s commitment to supporting institutional clients in navigating the evolving digital asset ecosystem, providing comprehensive services from access and custody to tokenization and interoperability.
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