On Tuesday, London-based international banking group Standard Chartered launched a U.S. dollar-paired Bitcoin and Ether spot trading service for institutional clients, including corporates, investors, and asset managers.
Standard Chartered is now the “first global systemically important bank to offer secure, regulated, and scalable access to Bitcoin and Ether deliverable spot trading,” according to a press release by the bank.
“Digital assets are a foundational element of the evolution in financial services,” Standard Chartered Group Chief Executive Bill Winters said. “They’re integral to enabling new pathways for innovation, greater inclusion, and growth across the industry. As client demand accelerates further, we want to offer clients a route to transact, trade, and manage digital asset risk safely and efficiently within regulatory requirements.
Operating through its UK branch, the service fully integrates with Standard Chartered’s existing platforms and familiar FX interfaces. Clients can settle with their preferred custodian, including Standard Chartered’s own digital custody solutions, while benefiting from the assurance of an FCA-registered, regulated global bank with a strong balance sheet and institutional-grade risk controls, the firm said.
“We’re applying our global expertise, infrastructure, and risk management frameworks, which our clients trust, to the digital assets space,” Tony Hall, Global Head of Trading and XVA – Markets, added. “With growing interest in regulated digital assets solutions, we’re well-positioned to meet client needs while capturing the opportunities in this space.”
Operating within Standard Chartered’s regulated framework, the service aims to lower barriers for institutional clients entering crypto, and the bank also expands its digital asset suite, which includes custody and tokenization.
Standard Chartered Deepens Crypto Foothold
Standard Chartered has reportedly been planning to launch a spot Bitcoin and Ether trading desk since at least June 2024 under its FX unit. “We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ether, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” the bank said at the time.
Standard Chartered is one of several large banks expanding its involvement in the cryptocurrency market as institutional adoption of the sector increases.The bank holds stakes in two digital asset firms, Zodia Custody and Zodia Markets, which provide services ranging from crypto custody to over-the-counter trading. In 2023, Standard Chartered also launched a blockchain unit called Libeara to assist institutions with the tokenization of real-world assets.
In April, Charles Schwab CEO Rick Wurster stated that the financial services firm is also “hopeful and likely to be able” to launch support for spot crypto trading within the next 12 months. in June, JPMorgan Chase, the world’s largest bank, announced plans to pilot a stablecoin-like blockchain-based token called JPMD, which will launch on the Coinbase-incubated Ethereum Layer 2 network Base.
Earlier this month, Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick predicted Bitcoin would hit $135,000 by the end of Q3 and reaffirmed a $200,000 projection by year-end, citing growing ETF inflows, increased corporate treasury buying, and policy tailwinds. Bitcoin is currently trading for $116,894, according to The Block’s BTC price page. However, Kendrick said he is less optimistic about new all-time highs for altcoin leaders ETH and SOL this year.
