Crypto City News on June 21, Standard Chartered (STAN) will establish a spot trading department for Bitcoin and Ethereum. According to Bloomberg, this new trading department in London will soon begin operations and will become the Part of the bank's foreign exchange trading department.

Standard Chartered will be one of the first global banks to enter spot cryptocurrency trading, although other banks have been trading cryptocurrency derivatives for years.

Standard Chartered said in an emailed statement: “We have been working closely with regulators to support the needs of our institutional clients to trade Bitcoin and Ethereum, which is consistent with our strategy to trade Bitcoin and Ethereum within the broader digital asset ecosystem. Supporting customers from onboarding and custody to tokenization and interoperability.”

The bank already has an established involvement in the cryptocurrency industry, as a backer of digital asset custodian Zodia Custody and its trading arm Zodia Markets.