Standard Chartered to Launch Bitcoin and Ether Trading Desk: Report

British multinational bank Standard Chartered is set to launch a trading desk for Bitcoin and Ether. The latest development makes it one of the first international banks to participate in cryptocurrency trading.

Standard Chartered has been involved with players in the digital asset space for some time and has also partnered with a number of entities as interest in crypto exposure continues to grow.

Standard chartered venture to spot trading

According to two anonymous sources cited in a recent Bloomberg report, the new crypto desk is close to being operational and will be integrated into the bank's FX trading division. A source also revealed that he will be in London.

The bank is yet to confirm its latest initiative but has highlighted the growing demand for Bitcoin and Ethereum by its institutional clients. An emailed statement on the matter reads:

“We have been working closely with our regulators to support the demand from our institutional clients to trade Bitcoin and Ethereum.”

Alongside a number of major players, Standard Chartered has begun expanding further into the digital assets sector to meet growing institutional demand. The bank currently operates two cryptocurrency companies – Zodia Protection and Zodia Markets – offering services ranging from regulated to leveraged trading.

Crypto exchange Coinbase announced a strategic banking partnership with Standard Chartered for Singaporean users in March last year.

A few months later, Standard Chartered launched “Libeara” – a blockchain division that helps institutional players promote traditional assets. Unit is currently focused on developing a government bond fund denominated in Singapore dollars.

Standard Chartered Bullish on Digital Assets

In a blog post in February of this year, the bank stated that it sees digital assets as an important and permanent part of the future of financial services, while at the same time stating the potential of statscoins.

The bank was also extremely bullish while predicting the price of Bitcoin and even predicted that the cryptocurrency could reach $250,000 in 2025 if the spot ETF inflows hit the mid-point estimate of $75 billion.