Standard Chartered, a London-based bank, is planning to offer a spot trading desk for Bitcoin and Ethereum, which will be operated from London and be a part of the bank's FX division. This development aligns with the multinational bank's huge interest in the crypto market. The London-based bank is among several large financial institutions expanding their involvement in the cryptocurrency market as institutional adoption of the sector increases.

The insider quoted by Bloomberg claimed that Standard Chartered spot trading desk would operate from London and be a part of the bank's FX division. Standard Chartered has been a covert player in the crypto sector for a while. The bank holds substantial stakes in crypto firms, Zodia Custody and Zodia Markets. Zodia Custody offers crypto custody services, while Zodia Markets offers crypto trading for institutions.

The bank has been working closely with regulators to support demand from institutional clients to trade Bitcoin and Ethereum, in line with its strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability. Standard Chartered also expects Ethereum to surpass $8,000 by the end of 2024 following the approval of spot Ether ETF.

In addition to its involvement in cryptocurrency trading, Standard Chartered has been actively exploring blockchain technology to improve financial services. In November 2023, the London-based bank launched a blockchain unit called Libeara to assist institutions with the tokenization of real-world assets. Libeara partnered with FundBridge Capital, a Singapore-regulated fund platform, to create a tokenized Singapore-dollar government bond fund for accredited investors.

Tokenization is the process of converting physical or tangible assets into digital tokens on a blockchain, representing ownership and facilitating easier and more secure trading. Standard Chartered also expects Ethereum to surpass $8,000 by the end of 2024 following the approval of spot Ether ETF.

Standard Chartered's entry into the spot crypto trading market is a significant development, as it may pave the way for other banking giants to explore spot digital asset trading. The bank's commitment to the digital asset space and its readiness to provide services to its clients are evident in its substantial stakes in crypto firms, Zodia Custody and Zodia Markets. The forthcoming debut of Standard Chartered's spot trading desk coincides with the rollout of spot Bitcoin exchange-traded funds (ETFs) across major markets, especially in Asia and North America.

Crypto enthusiasts expect Standard Chartered's Bitcoin and Ethereum desk to pave the way for other major banks to offer spot crypto trading services to retail and institutional investors. The bank's entry into the spot crypto trading market is a significant development, as it may pave the way for other banking giants to explore spot digital asset trading. The bank's commitment to the digital asset space and its readiness to provide services to its clients are evident in its substantial stakes in crypto firms, Zodia Custody and Zodia Markets.