In a significant move for the cryptocurrency industry, Standard Chartered has proclaimed itself the first global bank to offer spot trading in Bitcoin (BTC) and Ether (ETH) to institutional clients. This groundbreaking offering, which was launched through the bank’s UK branches, is aimed initially at clients during Asia and Europe trading hours, with additional access options, including 24/5 availability, being considered as demand grows.
Rene Michau, the global head of digital assets at Standard Chartered, emphasized the bank’s pioneering status in an email statement, declaring, “Standard Chartered is the first global systemically important bank to be offering cryptoasset trading.” This service is tailored specifically for institutional clients, which include financial institutions such as asset managers and investors, as well as large multinational corporations utilizing the bank’s corporate and investment banking services.
The bank’s commitment to digital assets is not new; it has been actively involved in this space for some time. Alongside the new trading services, Standard Chartered also offers digital assets custody and trading through its corporate and investment banking framework. The bank has made strategic investments in companies like Zodia Custody and Zodia Markets, and has integrated digital asset tokenization services via its portfolio company Libeara.
The newly introduced service is seamlessly integrated into Standard Chartered’s existing trading platforms. This allows corporates, asset managers, and institutional investors to access cryptocurrency markets using interfaces with which they are already familiar, particularly in foreign exchange (FX). Furthermore, clients are afforded the flexibility to settle trades with a custodian of their choosing, which may include Standard Chartered’s in-house custody service.
For now, the focus of Standard Chartered’s cryptocurrency offering will remain on spot trading of Bitcoin and Ether. However, Michau has indicated that there are plans to broaden the suite of services available for these crypto assets, including the introduction of non-deliverable forwards (NDFs) trading in the near future.
As interest in cryptocurrency continues to grow among institutional investors, Standard Chartered’s enhancements to their service model highlight the bank’s commitment to innovation in the financial sector. This move not only exemplifies the growing acceptance of digital assets but also positions Standard Chartered as a leader in the evolving landscape of crypto finance.
