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Banking giant Standard has decided to launch Bitcoin and Ethereum Trading Desk: details
Tomiwabold Olajide
According to Bloomberg, the cryptocurrency trading desk is expected to be operated from London
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As reported by BloombergAccording to sources familiar with the matter, banking giant Standard Chartered may be on the verge of launching a dedicated trading desk for Bitcoin and Ethereum. This bold step positions Standard Chartered as one of the pioneering global banks to embrace cryptocurrency spot trading.
The next crypto desk is almost ready for operation and is set to become an integral part of the bank’s foreign exchange (FX) trading division. The initiative, shrouded in confidentiality, was shared by people who prefer to remain anonymous due to the sensitivity of the information.
Set to be operated from London, the crypto trading desk will mark a significant pivot towards digital assets for Standard Chartered, a bank with a storied history in traditional finance. This move signals the bank’s recognition of the growing importance of cryptocurrencies in the global financial landscape.
Standard charter is one of several major banks expanding its tentacles into cryptocurrency as institutional use grows. It has investments in two cryptocurrency companies, Zodia Custody and Zodia Markets, which provide services ranging from custody to over-the-counter trading.
Recently Bitcoin news, Australia’s largest stock exchange listed its first Bitcoin (BTC) exchange-traded fund (ETF) on Thursday, as global demand grows for an easy way to invest in cryptocurrencies.
The VanEck Bitcoin ETF (VBTC) has begun trading on the Australian Securities Exchange (ASX), which represents 90% of the country’s stock market.
Last day, Michael Saylor, CEO and co-founder of MicroStrategy, said the company acquired an additional 11,931 BTC for approximately $786 million, using revenue from convertible notes and excess liquidity at nearly $65,883 per Bitcoin. MicroStrategy now owns 226,331 BTC, purchased for approximately $8.33 billion at an average price of $36,798 per Bitcoin.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.