Ethereum

Bank

Bitcoin

Standard

Spot

Standard Chartered Plc,&nbsp;a British multinational bank, is preparing to introduce a trading desk for Bitcoin and Ethereum, positioning itself as one of the first global banks to engage in spot cryptocurrency trading. 
As per the <a href="https://www.bloomberg.com/news/articles/2024-06-21/crypto-trading-stanchart-launches-spot-btc-eth-desk" target="_blank" rel="noreferrer noopener nofollow">Bloomberg report</a>,&nbsp; the new trading desk will be part of the bank’s FX trading unit and will operate from London. 
In the past, many banks like Goldman Sachs Group Inc. restricted their cryptocurrency activities to derivatives due to stringent regulations preventing direct involvement with the underlying assets.&nbsp; 
The Basel Committee on Banking Supervision has suggested that banks burden any unhedged cryptocurrency exposure with a risk weighting of 1,250%, which would make profit generation more difficult. 
The bank said that they are working closely with regulators from their institutional clients to facilitate Bitcoin and Ethereum trading while supporting clients across the digital asset ecosystem, including access, custody, tokenization, and interoperability. 
Despite these regulatory challenges, Standard Chartered is one of the larger banks moving deeper into crypto driven by institutional client demand. The Bank has also invested in the Zodia Custody and Zodia Markets, giving services from custody to over-the-counter trading.&nbsp; 
In November, the bank launched Libeara, a blockchain united aimed at tokenizing traditional assets. Libeara is currently aiding the creation of a tokenized government bond fund using the Singaporean dollar. 
Even though Bitcoin has dropped over 20% since early 2024 and hit its lowest level since May 15, Standard Chartered is planning to launch the trading desk. 
Despite Bitcoin’s price drop, the successful launch of <a href="https://www.cryptotimes.io/2024/01/11/finally-sec-approves-first-spot-bitcoin-etfs/" target="_blank" rel="noreferrer noopener">US Bitcoin exchange-traded funds</a> in January has improved market liquidity, encouraging more large institutions to enter the digital asset space. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/19/bitcoin-spot-etfs-witness-152m-outflow-on-june-18/" target="_blank" rel="noreferrer noopener">Bitcoin Spot ETFs Witness $152M Outflow on June 18</a> 
</blockquote>

StanChart to Enter Spot BTC, ETH Trading with New Desk

The Crypto Times

Andre artikler publisert på 21. juni 2024

Marathon Digital Enhances Global Reach and Sustainability in Europe

Warning: Hackers Fake USDT on TON Deposits Amid Binance News

Trump gets $2M Bitcoin boost from Winklevoss twins for 2024 bid

Banking Giant Standard Chartered to Launch Bitcoin, Ethereum Trading Desk: Details

NFT Project Azuki Hires Former FOX Corp Exec Steve Chung As New COO

Is BRETT crypto the Shiba Inu of Base? What experts have to say

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!