Standard Chartered launches a spot trading desk

Standard Chartered launched a spot trading desk for Bitcoin and Ethereum, which is the first for global banks.
The new trading desk in London will be part of Standard Chartered’s FX unit, offering direct crypto access.
Zodia Custody and Zodia Markets support Standard Chartered’s new crypto trading operations.

Standard Chartered has announced the launch of a dedicated spot trading desk for cryptocurrencies, specifically Bitcoin and Ethereum. This move positions the British multinational bank as one of the first major global financial institutions to offer direct trading of these digital assets.

According to sources familiar with the matter, the new trading desk will be based in London and integrated within the bank’s existing foreign exchange (FX) trading unit. The decision to enter the spot cryptocurrency trading market comes amid increasing institutional demand for direct access to digital currencies, driven by recent regulatory developments and the growing legitimacy of cryptocurrencies as a mainstream asset class.

Standard Chartered emphasized its commitment to the digital asset ecosystem in a statement to 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,

Role of Zodia Custody and Zodia Markets

Standard Chartered’s foray into spot cryptocurrency trading is bolstered by its existing involvement in the digital asset space through Zodia Custody and Zodia Markets. Zodia Custody, a digital asset custodian, offers secure and regulated custody services for institutional clients, ensuring that their digital assets are safeguarded with the highest standards of security and compliance. This service is crucial for institutions looking to hold and manage large amounts of cryptocurrency without the associated security risks.

Zodia Markets, on the other hand, provides a platform for institutional trading of cryptocurrencies, facilitating a range of services from execution to market making. By supporting Standard Chartered’s new trading desk, Zodia Markets enhances the bank’s capability to offer seamless and comprehensive digital asset services to its clients. The synergy between these entities and Standard Chartered’s new trading operations underscores the bank’s strategic integration into the digital asset market.

Recent Crypto Developments at Standard Chartered

Standard Chartered has been increasingly bullish on cryptocurrencies in recent months. Recently, the bank’s head of crypto research, Geoffrey Kendrick, predicted that Bitcoin and Ethereum would reach all-time highs following the approval of spot Ethereum ETFs in the U.S. The bank’s proactive stance is reflected in its continuous investment in crypto-related infrastructure and services, positioning itself as a forward-thinking leader in the financial sector.