Global banking giant Standard Chartered is introducing a area trading desk for Bitcoin and ether, placing itself as one of the very first significant banks to provide direct area Bitcoin trading services.
BREAKING: $800 billion Standard Chartered Bank is building a area #Bitcoin trading desk – Bloomberg
Gradually, then unexpectedly 👏 pic.twitter.com/iwmjFcHgBd
— Bitcoin Magazine (@BitcoinMagazine) June 21, 2024
According to current reports from Bloomberg, the brand-new London-based Bitcoin trading desk will begin operations quickly and become part of the bank’s FX trading system. Standard Chartered has actually been favorable on Bitcoin for many years and is now transferring to satisfy rising institutional need.
Standard Chartered stated, “We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ether.”
The bank currently provides crypto custody through its stake in Zodia Custody. It is also a financier in Zodia Markets, which trades institutional Bitcoin and crypto. This bolt-on trading desk represents the next stage in Standard Chartered’s Bitcoin push.
The relocation comes as Bitcoin ETFs acquire approval and launch throughout significant markets like the United States, UK, Hong Kong and Australia. With institutional cravings growing, banks recognize they need to adjust to stay competitive.
Standard Chartered’s offering of direct Bitcoin trading abilities shows the speeding up mainstream adoption of Bitcoin. It suggests that banks think about Bitcoin a important brand-new possession class they can no longer prevent.
This facilities buildout will, in turn, allow larger institutional adoption. Other significant banks will likely follow Standard Chartered’s lead in presenting area Bitcoin trading.
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