The world's first! Standard Chartered offers institutional cryptocurrency spot trading.
Standard Chartered, whose analysts frequently shout out Bitcoin prices, announced on July 15 that it has launched spot trading services for Bitcoin and Ethereum for institutional clients through its UK branch, confirming previous (Bloomberg) reports.
According to (CoinDesk) reports, Standard Chartered's global head of digital assets, Rene Michau, stated: ‘Standard Chartered is the first global systematically important bank to offer cryptocurrency trading.’
Standard Chartered stated that this service is initially offered during Asian and European trading hours, and is considering providing 24-hour, five-day-a-week trading services as customer demand develops.
The definition of institutional clients includes financial institutions such as asset management companies and related investors, as well as large multinational corporate clients in the corporate and investment banking sectors.
Image source: Standard Chartered. Standard Chartered launches cryptocurrency spot trading service for institutions.
Standard Chartered integrates existing platforms to provide a familiar operating interface.
(Cointelegraph) reports that Standard Chartered's new cryptocurrency trading service is fully integrated into the bank's existing trading platform, allowing institutional clients to deposit, withdraw, and trade digital assets through a familiar forex trading interface.
Standard Chartered's cryptocurrency trading platform also allows investors to choose their preferred custody service provider or select from multiple providers to store digital assets, including Standard Chartered's own custody solution.
Standard Chartered CEO Bill Winters stated in a statement:
‘As customer demand accelerates further, we hope to provide customers with a safe and effective way to trade, buy, sell, and manage digital asset risks within regulatory requirements.’
He also emphasized that digital assets are a fundamental element in the evolution of financial services, playing an indispensable role in promoting financial innovation, enhancing financial inclusion, and driving industry growth.
Further Reading:
Still buying US stocks? Standard Chartered: Tesla's returns in Bitcoin are higher, revealing the strategies of 7 tech giants.
Standard Chartered plans to expand cryptocurrency derivatives trading services.
Although Standard Chartered's current services focus on spot trading of Bitcoin and Ethereum, it also plans to launch cryptocurrency non-deliverable forward contracts (NDFs) soon, which are a type of bilateral derivative contract.
In the foreign exchange market, NDFs typically refer to a type of forward or futures contract where the parties settle based on an agreed nominal principal amount and the difference between the NDF rate and the current spot rate.
In recent years, Standard Chartered has actively positioned itself in the cryptocurrency sector, providing cryptocurrency custody or trading services through its own bank subsidiaries and invested companies like Zodia Custody and Zodia Markets, as well as offering tokenized asset services through another portfolio company, Libeara.
Further Reading:
Standard Chartered's prophet apologizes: I predicted Bitcoin at 120,000 was too conservative, the bull market has just begun!
This content is generated by Crypto Agent summarizing various information, reviewed and edited by (Crypto City). It is still in the training phase, so there may be logical deviations or information errors. The content is for reference only and should not be considered investment advice.
‘The world's first! Standard Chartered launches cryptocurrency spot trading for institutions, and plans to offer derivatives’ was first published in 'Crypto City'.
