Standard Chartered Considers Establishing a Bitcoin and Ether Trading Desk to Meet Institutional Demand

The multinational bank is working with regulators to support this interest, reflecting the rising legitimacy of cryptocurrency investments.

Standard Chartered is reportedly planning to launch a trading desk for Bitcoin and Ether in response to growing demand from institutional clients, according to a Bloomberg report.

The multinational bank is working with regulators to support this interest, which reflects the increasing legitimacy of cryptocurrency investments.

A representative of Standard Chartered told Cointelegraph that the bank has been working with regulators to address the demand from institutional clients to trade BTC and ETH.

Standard Chartered to launch Bitcoin, Ether trading division: report

Standard Chartered, a United Kingdom-based multinational bank, is reportedly set to launch a trading division for Bitcoin and Ether.

Bloomberg reported on June 21 that the crypto division will be launched soon. The report, citing anonymous sources, said that the offering will operate out of London, U.K., within the bank’s FX trading unit.

When reached out by Cointelegraph, Standard Chartered did not confirm or deny the report. However, the bank shared that there has been a demand from its clients to trade BTC and ETH, stating:

“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.”

The representative declined to provide any further comment on the matter.

Crypto community, industry leaders react to Standard Chartered’s potential Bitcoin, Ether trading desk

Members of the crypto community celebrated the potential development even before Standard Chartered confirmed the move.

One Twitter user said that the move could be a “big step” and a major endorsement for crypto’s growing legitimacy. The user added that this could boost investor confidence and help drive adoption. This sentiment was echoed by another user, who said that the development could lead to wider acceptance of BTC and ETH trading in the mainstream.

Meanwhile, Binance CEO Richard Teng took to X to hail the multinational bank’s entry into the cryptocurrency space.

According to another community member, the bank is set to cater to big players in traditional finance, and they expect to see more funds flowing into BTC.

This year, multinational bank Goldman Sachs has also reported that many of its clients have shown a renewed interest in crypto assets.

On March 24, Goldman Sachs executive Max Minton said that clients are reaching out regarding the crypto sector. Minton added that the resurgence of institutional interest was largely driven by the approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S.

Photo: Microsoft Bing

TokenPost | [email protected]

News source：https://www.kdj.com/cryptocurrencies-news/articles/standard-chartered-considers-establishing-bitcoin-ether-trading-desk-meet-institutional-demand.html

The above is the detailed content of Standard Chartered Considers Establishing a Bitcoin and Ether Trading Desk to Meet Institutional Demand. For more information, please follow other related articles on the PHP Chinese website!