A major step for institutional adoption of cryptocurrencies. Standard Chartered, through its UK branch, has officially launched spot trading services for Bitcoin (BTC) and Ether (ETH) for its institutional clients. This means that asset managers, corporations, and other large institutions can now buy and sell these cryptocurrencies directly, not just through futures contracts or derivatives.
This strategic move responds to the growing demand for secure and regulated access to digital assets, as confirmed by a recent KPMG and AIMA report revealing that nearly 91% of hedge funds are already investing in crypto or plan to do so soon.
Highlights:
* Direct Access: Institutions can now acquire BTC and ETH directly, marking StanChart's most direct entry into the crypto space.
* Robust Infrastructure: The service integrates with the bank's existing trading platforms, offering settlement through FCA-approved custody services and the option for preferred custodians.
* Continuous Expansion: StanChart has already invested in key platforms such as Zodia Markets (trading), Zodia Custody (custody), and Libeara (tokenization), and plans to soon offer non-deliverable forwards (NDFs).
* Recognized Leadership: Rene Michau, Global Head of Digital Assets at StanChart, highlights that the bank is the first traditional financial institution to offer this type of crypto trading during European and Asian hours.
* Crypto as "Fundamental Element": Standard Chartered's CEO, Bill Winters, emphasizes that digital assets are crucial for the evolution of financial services, promoting inclusion and innovation.
Institutional adoption accelerates: With over 135 public companies holding Bitcoin on their balance sheets (totaling over 848,000 BTC, with BlackRock's IBIT ETF exceeding 700,000 BTC), and with 36 more companies projected to join this year, the financial landscape is undergoing an unprecedented transformation.
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