Standard Chartered, a well-known British banking institution, is reportedly preparing to launch a trading desk for Bitcoin (BTC) and Ethereum (ETH) in London. This move indicates a significant step into the world of cryptocurrency trading within the spot market. According to sources familiar with the matter, the new trading desk is close to being launched as a part of the bank’s foreign exchange trading service.
The decision to enter the world of Bitcoin and Ethereum trading comes as Standard Chartered aims to support institutional clients’ demand to trade these digital assets. The bank has been working closely with regulators to ensure compliance and support clients in various aspects of the digital asset ecosystem, including access, custody, tokenization, and interoperability. Additionally, last year, Standard Chartered introduced Libeara, a blockchain platform designed to aid firms in real-world asset tokenization.
Earlier this year, analysts at Standard Chartered adjusted their price prediction for Bitcoin in 2025, raising it by 50% due to the success of spot market Bitcoin exchange-traded funds (ETFs) approved by regulators in January. The bank’s 2025 price target for Bitcoin has been increased from $100,000 to $150,000, reflecting the positive outlook on the cryptocurrency’s performance in the coming years. Currently, Bitcoin is trading at $64,132, with a slight decrease of 1.55% over the past 24 hours.
The launch of a Bitcoin and Ethereum trading desk by Standard Chartered is a significant development in the financial industry, highlighting the growing acceptance of cryptocurrencies by traditional banking institutions. As more banks and financial service providers venture into the crypto space, it signals a shift towards mainstream adoption of digital assets. Standard Chartered’s move to offer crypto trading services to institutional clients reflects the increasing demand for exposure to Bitcoin and Ethereum among traditional investors.
The news of Standard Chartered’s foray into Bitcoin and Ethereum trading is likely to have a positive impact on the overall cryptocurrency market sentiment. As a reputable banking giant enters the crypto space, it provides validation and credibility to the digital asset class, attracting more institutional investors and retail traders. This development also serves as a signal to other banks and financial institutions that cryptocurrencies are becoming an essential part of the global financial landscape.
The establishment of a Bitcoin and Ethereum trading desk by Standard Chartered in London positions the bank as a key player in the evolving crypto market. By offering these services to institutional clients, Standard Chartered is catering to the growing demand for exposure to digital assets while ensuring compliance with regulatory requirements. The move is part of the bank’s broader strategy to support clients in navigating the digital asset ecosystem and providing them with access to a wide range of services related to cryptocurrencies.
In conclusion, Standard Chartered’s decision to launch a Bitcoin and Ethereum trading desk underscores the increasing mainstream acceptance of cryptocurrencies in the financial sector. As digital assets continue to gain traction, traditional institutions like Standard Chartered are embracing the opportunities presented by the crypto market. This development not only expands the bank’s service offerings but also sets a precedent for other financial institutions to explore cryptocurrency trading options. With the launch of its trading desk, Standard Chartered is poised to play a significant role in the digital asset space and provide clients with access to the evolving world of Bitcoin and Ethereum trading.
