Markets
Standard Chartered launches Spot Crypto Trading Desk in London
Standard Chartered is ready to establish spot crypto trading for buying and selling Bitcoin and Ether. It will be one of the first global banks to launch into spot crypto trading, while crypto derivatives trading has been around for several years. The new trading desk operating from London will be part of the Bank’s foreign exchange trading unit which will soon begin operations.
Crypto Deepdive from Standard Chartered
According to the report of Bloomberg, Standard Chartered has worked closely with regulators to ensure compliance to meet demand from institutional clients to trade Bitcoin and Ethereum. This is part of its strategy to support its clients across the entire digital asset ecosystem, from access and custody to tokenization and interoperability.
The global banking giant has delved into different crypto-related areas. Recently, Mastercard and Standard Chartered Hong Kong conducted their first live experiment on deposit tokenization using the Mastercard Multi-Token Network (MTN). Notably, Standard Chartered owns stakes in digital asset companies, Zodia Custody and Zodia Markets and has offered crypto custody and institutional crypto trading through them.
Additionally, Standard Chartered made some striking predictions for Bitcoin, revising its 2024 forecast to $150,000 from $100,000 earlier. They predict that the price would stabilize around $200,000 after this peak. According to his predictions, BTC could reach an all-time high of $250,000 by 2025.