Global banking giant Standard Chartered has launched a trading desk for spot Bitcoin and Ethereum, becoming the first bank to do so. The announcement was made on June 21, with operations set to run from London.
This move is part of the bank’s FX trading unit and aligns with its strategy to support institutional clients in the digital asset ecosystem. Standard Chartered has collaborated with regulators to meet the growing demand for Bitcoin and Ethereum trading.
Crypto industry leaders, including Binance CEO Richard Ten, have welcomed this development as a sign of mainstream adoption. Standard Chartered’s subsidiaries, Zodia Custody and Zodia Markets, have already been providing crypto custody and institutional trading solutions.
The news sparked immediate reactions in the market, with Bitcoin and Ethereum prices showing upward momentum. Bitcoin rebounded by 1%, while Ethereum saw a slight increase, hinting at a potential market recovery.
Standard Chartered’s entry into spot crypto trading marks a significant milestone, highlighting its commitment to expanding its digital asset services. This move could further accelerate the adoption of cryptocurrencies in traditional finance.
