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Standard Chartered to Launch Bitcoin, Ether Trading Desk Amid Institutional Demand

Standard Chartered may soon set up a Bitcoin, Ether trading desk.

Mon, 24 Jun 2024, 04:14 am UTC

Standard Chartered may establish a trading desk for Bitcoin and Ether, responding to increased institutional demand. The multinational bank is working with regulators to support this interest, reflecting the rising legitimacy of cryptocurrency investments.

Standard Chartered Collaborates with Regulators to Meet Institutional Demand for Bitcoin, Ether Trading

A representative of Standard Chartered informed Cointelegraph that the company has been collaborating with regulators to address the demand of institutional clients for trading BTC and ETH.

Standard Chartered, a multinational bank, may establish a trading division for Bitcoin and Ether.

Bloomberg announced on June 21 that the crypto division would commence operations shortly. The report indicates that the offering will be operated from London, United Kingdom, under the bank's FX trading unit, as anonymous sources indicate.

Standard Chartered did not corroborate or deny the report when Cointelegraph contacted them. Nevertheless, the bank disclosed that there had been a demand from its clients to invest in BTC and ETH. They composed the following:

“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.”

The representative of Standard Chartered declined to offer any additional commentary.

Crypto Community and Industry Leaders Applaud Standard Chartered’s Potential Bitcoin, Ether Trading Desk

Crypto community members celebrated the prospective development even though Standard Chartered still needed to confirm the move.

According to a Twitter user, the move may be a "significant step" and a major endorsement of crypto's expanding legitimacy. Additionally, the user believes this could increase investor confidence and facilitate adoption. Another user reiterated this sentiment, stating that the new development could lead to a greater acceptance of BTC and ETH trading in the mainstream.

Meanwhile, Binance CEO Richard Teng appeared on X to greet the multinational bank's entry into the cryptocurrency market.

According to another community member, the bank is preparing to provide services to significant actors in traditional finance and anticipates that additional funds will be directed toward BTC.

Goldman Sachs, a multinational bank, has reported that, in addition to Standard Chartered, many of its clients are demonstrating a renewed interest in crypto assets this year.

Goldman Sachs executive Max Minton emphasized on March 24 that customers are investigating the crypto sector. Minton stated that the resurgence of institutional interest was precipitated by the sanction of spot Bitcoin exchange-traded funds (ETFs) in the United States.

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