Standard Chartered Bank Launches Cryptocurrency Trading Platform!-web3.0-php.cn

Standard Chartered Bank Launches Cryptocurrency Trading Platform!

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Jun 22, 2024 am 03:03 AM

As you have been following on Kriptokoin.com, cryptocurrencies are becoming more accepted globally. As a matter of fact, big banks cannot keep silent

Standard Chartered Bank Launches Cryptocurrency Trading Platform!

Standard Chartered Bank is preparing to launch a cryptocurrency trading platform to offer spot trading of Bitcoin (BTC) and Ethereum (ETH), according to a report by Bloomberg on June 21.

The platform will reportedly operate in London and will be a significant development for Standard Chartered, which has been exploring the digital asset space for some time.

The bank is expected to offer a limited selection of cryptocurrencies initially, with the potential to expand the offering in the future.

The move by Standard Chartered comes amid growing institutional adoption of cryptocurrencies and increasing demand for spot trading options among customers.

Several banks, including Goldman Sachs and Morgan Stanley, have already begun offering cryptocurrency trading services to their clients.

The entry of Standard Chartered into this market is likely to further legitimize cryptocurrencies and boost their mainstream acceptance.

Meanwhile, Germany is currently sitting on a stash of 50,000 Bitcoins, which are valued at $3.24 billion at the current price.

Of this total, $1.1 billion is unrealized profit, as the government reportedly sold 3,000 BTC recently.

The German government’s foray into the cryptocurrency space began years ago when it confiscated BTC from various criminal activities.

Over the years, it has sold some of these assets, but a large portion still remains in its custody.

While Germany’s ownership of such a vast quantity of cryptocurrencies is undoubtedly substantial, it pales in comparison to the holdings of the United States, which owns 213,246 Bitcoins, or $13.7 billion.

China, despite selling a large stash in 2019 and reinstituting the Bitcoin ban in 2017, still reportedly holds 190,000 Bitcoins.

The recent sell-offs by the German government, coupled with massive outflows from spot Bitcoin ETFs, pushed the BTC price below $65,000 recently.

News source：https://www.kdj.com/cryptocurrencies-news/articles/standard-chartered-bank-launches-cryptocurrency-trading-platform.html

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