Standard Chartered, the UK-based multinational bank, has made another move into the cryptocurrency sector. The bank announced the launch of a spot trading service for Bitcoin (BTC) and Ethereum (ETH) for its corporate clients.
Standard Chartered stated in a statement that it is the first "globally systemically important" bank to offer a regulated, secure, and scalable spot trading service for Bitcoin and Ethereum. This new service allows institutions to trade digital assets through familiar foreign exchange (FX) interfaces. Additionally, non-deliverable forwards (NDF) will be available for crypto assets in the near future. The bank's CEO, Bill Winters, stated:
"As client demand grows rapidly, we want to ensure they can execute crypto asset transactions safely and efficiently, within regulatory frameworks."
Crypto transactions will be facilitated through FX infrastructure
One of the most striking aspects of the new service is its integration with Standard Chartered's existing FX trading infrastructure. This allows institutional investors to trade digital assets using the systems they are already familiar with. This allows for a seamless transition to cryptocurrency.
The bank also offers investors flexibility regarding where and how they store their crypto assets. Clients can choose a custody service of their choice or utilize the bank's own developed custody solutions. This multi-custodial infrastructure offers investors a wide range of options in terms of both security and regulation.
Custody service previously launched in the UAE
Standard Chartered accelerated its cryptocurrency efforts in 2023. Last September, the bank launched a regulated custody service for Bitcoin and Ethereum in the United Arab Emirates. This move demonstrates the institution's long-term vision for the crypto space, and this vision has now been further advanced with the launch of a spot trading service in the UK.
Cryptoassets, once considered speculative instruments, are now becoming integrated financial products that can be traded at an institutional level. This move by the bank could serve as an example for other major financial institutions.
