Standard Chartered to Launch Bitcoin and Ethereum Trading Desk in London
š London, June 22, 2024 ā British banking titan Standard Chartered is making waves in the crypto world. According to anonymous sources familiar with the matter, the bank is set to roll out a Bitcoin ($BTC ) and Ethereum ($ETH ) trading desk based in London1. This move positions Standard Chartered as one of the first major international banks to venture into the rapidly evolving digital asset space.
Spot Market Crypto Trading
The new trading desk will focus on spot market crypto trading, allowing institutional clients to buy and sell Bitcoin and Ethereum. Standard Chartered has been working closely with regulators to meet the growing demand from its clients for exposure to these leading cryptocurrencies. The desk will be part of the bankās foreign exchange trading service, providing seamless access to digital assets.
A Strategic Approach
Standard Charteredās strategy extends beyond trading. Last year, the bank launched Libeara, a blockchain platform designed to facilitate real-world asset tokenization. Now, with the imminent launch of the trading desk, the bank is further solidifying its commitment to the wider digital asset ecosystem. From custody solutions to tokenization and interoperability, Standard Chartered aims to be at the forefront of this transformative industry.
Price Predictions and Market Trends
Earlier this year, Standard Chartered analysts raised their price prediction for Bitcoin. The success of spot market Bitcoin exchange-traded funds (ETFs), greenlit by regulators in January, prompted the bank to revise its 2025 price target for BTC from $100,000 to $150,0001. As of now, Bitcoin is trading at $64,132, reflecting a 1.55% decrease in the last 24 hours.
