Multinational bank Standard Chartered may be preparing to launch a Bitcoin and Ether trading desk, marking a significant milestone in global banking. This move would position Standard Chartered among the first major banking institutions to venture into spot cryptocurrency trading, catering to increasing client demand.
On June 21, Bloomberg reported that Standard Chartered’s crypto trading desk could commence operations soon. Anonymous sources suggest that the offering will fall under the bank’s FX trading unit and operate out of London, United Kingdom.
In another significant development, Standard Chartered launched a tokenization platform named Libeara in November last year. This project focuses on tokenizing government bond funds using the Singaporean dollar, demonstrating the bank’s commitment to exploring the Web3 sector. The launch of Libeara highlights Standard Chartered’s broader strategy to integrate digital assets and blockchain technology into its services.
The crypto community has shown enthusiasm about Standard Chartered’s potential move into the crypto space. This development aligns with predictions made by Michael Saylor, the renowned crypto entrepreneur behind MicroStrategy.
Standard Chartered Forecasts Promising Future for ETH with Potential SEC Nod for ETFsIn May, Saylor predicted that major traditional financial institutions would eventually become custodians of Bitcoin. He believes that such custody is crucial for the widespread adoption of Bitcoin as a payment method. Saylor shared these insights during a recent interview with Kitco News, where he discussed Bitcoin adoption, crypto regulation, and the challenges faced by traditional banking.
Recently, Australia’s largest equities exchange listed its first spot as a Bitcoin (BTC) exchange-traded fund (ETF) on Thursday. The VanEck Bitcoin ETF (VBTC) started trading on the Australian Securities Exchange (ASX), which handles 90% of the country’s equity market.
The success of Standard Chartered’s initiative hinges on technological expertise and security. The bank employs robust and secure platforms to ensure the confidentiality and integrity of transactions. This technological reliability is essential for attracting and retaining institutional investors, who require high-security standards.
