Standard Chartered Bitcoin, Ethereum is set to launch its trading platform for the first time.
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Standard Chartered is launching spot trading specifically for Bitcoin (BTC) and Ethereum (ETH), Bloomberg reported on Friday, citing people familiar with the matter. The new offering expands the bank's suite of digital asset services, including crypto custody and OTC trading.
Standard Chartered's FX trading department handles spot trading for the two leading crypto assets. The new London-based desk is expected to start operations soon.
While banks such as Goldman Sachs Group offer crypto derivatives, direct trading in the assets is restricted by strict regulations. The Basel Committee's proposed rules on banking regulation have made profitability a challenge by requiring a higher risk weighting for crypto exposure.
Standard Chartered is working with regulators to address concerns and meet the needs of institutional clients who wish to trade Bitcoin and Ethereum.
“We have been working closely with our regulators to support the interest of our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients in a wide range of digital asset ecosystems, from access and control to tokenization and interoperability” representative. Standard Chartered said.
The launch makes Standard Chartered one of the first major banks to establish a spot crypto trading desk.
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