Standard Chartered is all set to establish spot crypto trading for buying and selling Bitcoin and Ether. It will be one of the first global banks to enter spot crypto trading, while crypto derivatives trading has existed for several years. The new trading desk operating from London will be part of the Bank’s FX trading unit which will soon start its operations.
Standard Chartered’s Crypto Deepdive
As per the report from Bloomberg, Standard Chartered has been working closely with the regulators to ensure compliance to cater to the demand from institutional clients to trade Bitcoin and Ethereum. This falls in line with its strategy to support its clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability.
The global banking giant has been diving into different crypto-related fields. Recently Mastercard and Standard Chartered Hong Kong completed its first live experiment on the tokenization of deposits using the Mastercard Multi-Token Network (MTN). Notably, Standard Chartered holds stakes in digital asset firms, Zodia Custody and Zodia Markets and has offered crypto custody and institutional crypto trading through them.
Furthermore, Standard Chartered has made some striking predictions for Bitcoin, revising its 2024 forecast to $150,000 from $100,000 earlier. They have predicted that the price would stabilize around $200,000 after this peak. As per its forecast, BTC could reach an all time-high of $250,000 by 2025.