In a groundbreaking move for the financial sector, Standard Chartered has taken the lead among major banks by introducing spot trading for cryptocurrencies like Bitcoin and Ethereum.
Revolutionizing Digital Asset Trading for Institutions
As highlighted in a recent announcement, Standard Chartered has unveiled its deliverable spot trading service targeting the two leading cryptocurrencies. The announcement reflects the bank’s commitment to delivering reliable and secure digital asset solutions to its institutional clientele. “This innovative step follows our successful introduction of digital asset custody services,” the announcement states.
Headquartered in the UK, Standard Chartered stands as a global systemically important bank (G-SIB), with a vast international presence. This launch is particularly significant as it emanates from the bank’s UK division.
This initiative marks the inaugural instance of a G-SIB offering spot trading services directly linked to cryptocurrencies. Given that G-SIBs play a crucial role in the global financial landscape, their movement toward cryptocurrency could indicate a broader acceptance and legitimization of digital assets by traditional banking systems.
“Digital assets represent a significant shift in the financial services landscape,” commented Bill Winters, Group Chief Executive of Standard Chartered. “They are essential for fostering innovation, promoting inclusivity, and driving growth within the sector.”
This launch isn’t Standard Chartered’s first venture into the crypto domain. The bank has previously invested in firms like Zodia Custody and Zodia Markets, which provide a variety of cryptocurrency services.
“We are leveraging our extensive global experience and risk management capabilities to support our clients in navigating the digital asset landscape,” said Tony Hall, Global Head of Trading and XVA, Markets, at Standard Chartered.
The new service seamlessly integrates with the bank’s existing systems, enabling institutional clients to engage in Bitcoin and Ethereum trading through the familiar Foreign Exchange (FX) interfaces. “Our clients can settle with their preferred custodians, including our own secure digital asset custody solutions,” the announcement further elaborated.
In related news, Bitcoin’s trading volume has surged recently, coinciding with a price increase. Insights provided by the on-chain analytics firm Glassnode highlighted this in a recent X post.
Since early July, spot trading volumes have surged by over 50%, while futures trading has increased by approximately 31%. However, it’s important to view this in context, as overall trading activity remains somewhat subdued compared to earlier in the year, with both spot and futures volumes down by more than 20% year-to-date.
Current Bitcoin Market Dynamics
At present, Bitcoin’s trading price hovers around $117,000, reflecting a rise of more than 7.5% over the past week.
