🚀 Banking Giant Targets Bitcoin Trading
posted 21 Jun 2024
Bloomberg reports that Standard Chartered, a multinational financial corporation, is developing its own platform for trading Bitcoin (BTC) and Ethereum (ETH). This new division will operate as part of the bank's global banking sector, with its management hub based in London.
If successful, Standard Chartered will be the first global bank to offer such services. At present, major financial institutions are limited to trading crypto derivatives due to stringent financial regulations, which substantially limit potential profits.
We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,the bank said.
They also declined to provide further details. Notably, the bank has a history of investing in cryptocurrency projects and tokenization initiatives. For example, it holds a stake in Zodia, a company that provides digital asset custody and OTC services.
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