Standard Chartered Becomes First Bank to Launch Spot Bitcoin, Ethereum Trading

Global banking giant Standard Chartered deepens crypto push and announces plan to open trading desk for spot Bitcoin and Ethereum. As a result, it has become the first bank to enter spot crypto trading.

Recently, Mastercard and Standard Chartered Bank Hong Kong successfully completed their first live experiment on the tokenization of deposits using the Mastercard Multi-Token Network (MTN). The company making a stronger push into different crypto-related fields.

Standard Chartered Enters Spot Crypto Trading Space

In a major crypto development, Standard Chartered on June 21 said it is close to starting a trading desk for Bitcoin and Ethereum. The new crypto-focused operations will be part of the bank’s FX trading unit. The trading desk will be available to run from London, reported Bloomberg.

“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,” said Standard Chartered.

The move was welcomed by crypto industry leaders including Binance CEO Richard Ten as it indicates the mainstream adoption of crypto is picking pace. Standard Chartered through its owned companies Zodia Custody and Zodia Markets has offered crypto-tailored solutions including crypto custody and institutional crypto trading.

Zodia Custody has also announced expanding the list of supported digital assets for comprehensive custody solutions. It has added USDe to its custody platform today.

Also Read: Ripple Lawsuit Referred To Magistrate Judge For Settlement

Bitcoin and Ethereum To Rally?

Traders reacted immediately to the news, bringing some upside momentum to both Bitcoin and Ethereum prices.

BTC price rebounded 1% after the news but still down 2% in the past 24 hours, with the price currently trading at $64,151. The 24-hour low and high are $63,529 and $66,451, respectively. Furthermore, the trading volume has increased by 37% in the last 24 hours.

Meanwhile, ETH price also reversed upside after dropping to a low of $3,446. The price currently changing hands at $3,514, down 2% in the last 24 hours. Also, the trading volume has increased by 15% in the last 24 hours, rasing speculation of a recovery in the crypto market.

Also Read: Shiba Inu Coin Burn Rate Spikes 530%, Will SHIB Price Rally?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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