Standard Chartered, a renowned bank, has made a significant move in the world of cryptocurrencies. Recent reports from Bloomberg reveal that the bank has launched a spot trading desk for Bitcoin and Ethereum. This new development is expected to revolutionize the way these digital assets are traded.
Sources familiar with the matter have disclosed that the spot trading desk will be integrated into the bank’s foreign exchange (FX) trading unit and will be based in London. Standard Chartered is working closely with regulators to meet the increasing demand from institutional customers who want to trade Bitcoin and Ethereum.
In the past, banks like Goldman Sachs have shown interest in trading cryptocurrencies, but strict regulations have limited their involvement with these digital assets. However, Standard Chartered’s move indicates a shift in the industry, as they are taking steps to support customers across the wider digital asset ecosystem.
The Basel Committee on Banking Supervision has recommended that banks apply a 1,250% risk weight to any unhedged crypto exposure, which has made it challenging for banks to generate profits from these assets. Nevertheless, Standard Chartered is determined to navigate these challenges and provide its institutional customers with the opportunity to trade Bitcoin and Ethereum.
In an official statement, Standard Chartered expressed its commitment to working with regulators and supporting its customers in various aspects of the digital asset ecosystem, including access, custody, tokenization, and interoperability.
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