Breaking: Standard Chartered Becomes First Bank to Launch Spot Bitcoin, Ethereum Trading
Highlights
- Standard Chartered to open trading desk for spot Bitcoin and Ethereum, deepening its crypto push.
- The crypto-focused operations will be part of the bank’s FX trading unit in London
- BTC and ETH prices rebound after the announcement.
Global banking giant Standard Chartered deepens crypto push and announces plan to open trading desk for spot Bitcoin and Ethereum. As a result, it has become the first bank to enter spot crypto trading.
Recently, Mastercard and Standard Chartered Bank Hong Kong successfully completed their first live experiment on the tokenization of deposits using the Mastercard Multi-Token Network (MTN). The company making a stronger push into different crypto-related fields.
Standard Chartered Enters Spot Crypto Trading Space
In a major crypto development, Standard Chartered on June 21 said it is close to starting a trading desk for Bitcoin and Ethereum. The new crypto-focused operations will be part of the bank’s FX trading unit. The trading desk will be available to run from London, reported Bloomberg.
“We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” said Standard Chartered.
The move was welcomed by crypto industry leaders including Binance CEO Richard Ten as it indicates the mainstream adoption of crypto is picking pace. Standard Chartered through its owned companies Zodia Custody and Zodia Markets has offered crypto-tailored solutions including crypto custody and institutional crypto trading.
Zodia Custody has also announced expanding the list of supported digital assets for comprehensive custody solutions. It has added USDe to its custody platform today.
Also Read: Ripple Lawsuit Referred To Magistrate Judge For Settlement
Bitcoin and Ethereum To Rally?
Traders reacted immediately to the news, bringing some upside momentum to both Bitcoin and Ethereum prices.
BTC price rebounded 1% after the news but still down 2% in the past 24 hours, with the price currently trading at $64,151. The 24-hour low and high are $63,529 and $66,451, respectively. Furthermore, the trading volume has increased by 37% in the last 24 hours.
Meanwhile, ETH price also reversed upside after dropping to a low of $3,446. The price currently changing hands at $3,514, down 2% in the last 24 hours. Also, the trading volume has increased by 15% in the last 24 hours, rasing speculation of a recovery in the crypto market.
Also Read: Shiba Inu Coin Burn Rate Spikes 530%, Will SHIB Price Rally?
- Expert Identifies Bullish DOGE Flag as CleanCore Treasury Tops $160M With Fresh Purchase
- Breaking: Bitcoin Proxy Metaplanet Announces New US, Japan Subsidiaries As Stock Slumps
- Will Bitcoin Reclaim $120K as Options Bulls Target $125K Highs Post-FOMC?
- Sharps Technology Announce Plans to Stake Treasury in BONK, Analyst Projects Parabolic Rally
- Why Pi Network Team Is Betting High on Token2049 As Community Seeks Answers
- XRP Price Prediction: Market Longs Surge to 78% as VivoPower Launches Treasury Expansion
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
- Bitcoin Price Prediction as Fed Decision Nears — Dump Before the Next Rally?
- Ethereum Price Prediction As Standard Chartered Says Treasury Buying Will Boost ETH Over Rivals
- Solana Price Prediction: Analyst eyes $1,250 as Galaxy Digital and Forward Industries Intensify Accumulation
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
