Coming online soon! News: Standard Chartered Bank sets up spot trading platform for BTC and ETH

This site (120BtC.coM): According to "Bloomberg" citing people familiar with the matter on Friday, Standard Chartered is setting up a Bitcoin and Ethereum trading platform, becoming the first group to get involved in cryptocurrency spot trading. One of the giants of international banking industry.

Reports indicate that the newly established cryptocurrency trading platform will be affiliated with Standard Chartered’s foreign exchange trading department and will be operational in London in the short term.

Banks such as Goldman Sachs have been trading cryptocurrency derivatives for years, but strict regulations have prevented the banking industry from directly trading the underlying assets. The Basel Committee on Banking Supervision (BCBS), a global banking regulator, has recommended that banks must apply “a risk weight of 1,250% to any unhedged cryptocurrency exposure,” making it difficult for banks to turn a profit.

Standard Chartered Bank said in a statement: “We have been working closely with regulators to respond to institutional client demand for trading Bitcoin and Ethereum, which is in line with our strategy to support within the broader digital asset ecosystem. Customers, from access, custody, to tokenization and interoperability, these are all covered"

Standard Chartered Bank has actively developed its cryptocurrency business in recent years and currently holds shares in two cryptocurrency companies, respectively. It is Zodia Custody and Zodia Markets that provide custody and over-the-counter trading services.

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