As an analyst with a background in finance and experience following the cryptocurrency market closely, I believe Standard Chartered’s move to establish a spot Bitcoin and Ethereum trading desk is a significant development for the industry. The bank’s announcement makes it one of the first major global banks to enter the spot crypto trading space, which shows growing institutional demand for digital assets.
Starting from an official capacity, Standard Chartered, headquartered in the UK, is setting up a dedicated trading desk in London for Bitcoin and Ethereum spot markets. This new addition will soon commence operations and will be integrated into our existing Foreign Exchange (FX) trading unit.
With this announcement, Standard Chartered becomes among the initial global banks to join the cryptocurrency spot market for trading.
Spot Bitcoin, Ethereum Trading Desk
Starting shortly, Standard Chartered’s innovative new cryptocurrency trading platform will enable customers to buy and sell Bitcoin (BTC) and Ethereum (ETH) directly. This development makes Standard Chartered one of the pioneering global banks providing such a service for these two prominent digital currencies. However, it is essential to note that other financial institutions have been dealing with crypto derivatives for several years now. For instance, Goldman Sachs, a significant player on Wall Street, executed an OTC crypto transaction with Galaxy Digital in 2022.
“Breaking News: Standard Chartered Bank, with a total asset value of $820 billion, intends to set up a desk specifically for transacting in Bitcoin and Ethereum through spot markets.”
Growing Demand For BTC And ETH
As a researcher studying the cryptocurrency market, I’m excited to report that the United States Securities and Exchange Commission (SEC) has made a groundbreaking decision by approving two crypto-based Exchange Traded Funds (ETFs). The SEC gave the green light to spot Bitcoin ETFs first, igniting a surge in the price of Bitcoin. The cryptocurrency reached an all-time high of $73,000 following this approval. In their announcement, Standard Chartered revealed that they had observed a rising demand from their clients for these digital currencies.
“For some time now, we’ve collaborated closely with regulatory bodies to facilitate Bitcoin and Ethereum trading for our institutional clients. This alignment with our broader strategy aims to serve our clients effectively throughout the digital asset space, encompassing access, safekeeping, tokenization, and interoperability.”
Establishing Its Presence In Crypto
Standard Chartered is known for its active role in the cryptocurrency sector. The bank supports digital asset custodian Zodia Custody and its trading platform, Zodia Markets. In November, they introduced Libeara, a tokenization platform designed to tokenize Singaporean Dollar government bond funds. This innovative venture has become significant within the Web3 ecosystem for Standard Chartered.
As an analyst at the bank, I can tell you that we have been actively following the crypto market for some time now. Based on our current analysis, we believe Bitcoin could hit $100,000 by the end of this year. Furthermore, should Trump secure another term as the US President, our predictions suggest that Bitcoin’s price could even reach as high as $150,000. In addition to this, our team anticipates that the Securities and Exchange Commission (SEC) may approve spot Ethereum exchange-traded funds (ETFs) in the near future. These predictions are based on thorough market research and analysis of various factors influencing the crypto ecosystem.
“The anticipated decision date for approving pending ETH U.S. spot ETF applications is May 23, which marks the last opportunity for approval of the first batch of ETFs currently under review.”
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2024-06-22 12:55