A representative from Standard Chartered has revealed that the firm has been working closely with regulators to meet institutional clients’ demand for trading Bitcoin (BTC) and Ether (ETH).
Standard Chartered’s Potential Move into Crypto Trading
Standard Chartered, a major global bank, may be on the verge of launching a trading desk for Bitcoin and Ether. If this happens, it would make the bank one of the first large banking institutions to enter the spot cryptocurrency trading market.
On June 21, reports surfaced that the crypto trading desk could soon be operational. According to sources familiar with the matter, the desk will be part of the bank’s foreign exchange trading unit and will operate out of London, United Kingdom.
While the bank has not officially confirmed these reports, it acknowledged the growing demand from clients for Bitcoin and Ether trading. The bank stated:
“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.”
Crypto Community’s Reaction to the Bank’s Potential Move
Although Standard Chartered has yet to confirm the launch of the crypto trading desk, the crypto community has reacted positively to the potential development.
One Twitter user remarked that this move could be a “significant step” and a major endorsement of crypto’s increasing legitimacy. They believe it could boost investor confidence and drive wider adoption. Another user shared this sentiment, suggesting that Bitcoin and Ether trading might gain more mainstream acceptance as a result of this new initiative.
Binance CEO Richard Teng also commented on X, welcoming the multinational bank into the crypto space.
Another community member speculated that Standard Chartered is gearing up to service large players in traditional finance, predicting that this could result in a significant inflow of money into Bitcoin.
Summary Review: If Standard Chartered proceeds with launching a Bitcoin and Ether trading desk, it would mark a pivotal moment for cryptocurrency adoption within the traditional banking sector. The bank’s potential involvement could significantly enhance the legitimacy and acceptance of crypto assets, paving the way for increased participation from institutional investors.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
