Standard Chartered Breaks Ground: Launches Bitcoin and Ethereum Spot Trading
Standard Chartered, a trailblazer in the global banking arena, has set a new precedent by introducing spot trading for Bitcoin and Ethereum. This significant move highlights the increasing integration of cryptocurrencies into mainstream finance.
Standard Chartered’s Bold Step into Cryptocurrency
In a groundbreaking development, Standard Chartered has unveiled a deliverable spot trading service for Bitcoin and Ethereum. This offering is a testament to the bank’s dedication to providing its clients with secure and innovative digital asset solutions. Following the successful introduction of its digital assets custody service, the bank now extends a comprehensive digital trading service tailored specifically for institutional clients.
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A Global Banking Giant Embraces Cryptocurrencies
Headquartered in the United Kingdom, Standard Chartered is recognized as a global systemically important bank (G-SIB). The bank’s latest venture into cryptocurrency trading is spearheaded by its UK division. As the first G-SIB to offer deliverable spot trading in the cryptocurrency realm, Standard Chartered’s entry marks a pivotal moment in the acceptance of digital currencies by conventional financial institutions.
G-SIBs are critical to the global economic framework, and their operations are under stringent regulatory oversight. Therefore, the involvement of a G-SIB in the Bitcoin spot trading market signifies a substantial stride towards the broader acceptance of digital assets in traditional finance.
Leadership Perspectives on Digital Assets
Bill Winters, Group Chief Executive of Standard Chartered, emphasizes, “Digital assets are a cornerstone of the evolving financial services landscape. They are essential for fostering innovation, enhancing inclusivity, and driving industry growth.” This statement underscores the bank’s commitment to integrating digital assets into its service offerings.
Although this marks the bank’s inaugural foray into offering Bitcoin and Ethereum spot trading for institutions, Standard Chartered has previously ventured into the digital asset domain. The bank has strategic investments in Zodia Custody and Zodia Markets, both of which provide diverse cryptocurrency-related services.
Tony Hall, Global Head of Trading and XVA, Markets at Standard Chartered, adds, “We are leveraging our global expertise, infrastructure, and trusted risk management frameworks in the digital assets realm.” This integration allows institutional clients to engage in Bitcoin and Ethereum trading through familiar Foreign Exchange (FX) interfaces, enhancing their trading experience.
Market Momentum and Trading Volumes
Concurrently, the cryptocurrency market is witnessing a resurgence in trading volumes. According to Glassnode, an on-chain analytics firm, Bitcoin’s spot trading volume has seen a notable increase alongside a recent price surge. Since July 9th, spot volume has risen by 50.3%, while futures volume has grown by 31.9%. Despite this uptick, overall trading activity remains subdued, with spot and futures volumes down by over 20% compared to the year-to-date average.
Current Bitcoin Market Performance
As of the latest data, Bitcoin is valued at approximately $117,000, marking a 7.5% increase over the past week. However, a slight decline was observed in the previous day’s trading sessions.
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