Standard Chartered Says It’s the First Global Bank to Offer Spot Bitcoin and Ether Trading

Cryptocurrency-friendly lender Standard Chartered is claiming bragging rights of being the first world financial institution to provide spot buying and selling in bitcoin

and ether (ETH) to institutional shoppers.

The providing, rolled out by means of the financial institution’s UK branches, is offered initially through our UK entity, throughout Asia and Europe buying and selling hours, with 24/5 entry into consideration as shopper demand evolves, stated Rene Michau, world head of digital belongings.

“Standard Chartered is the first global systemically important bank to be offering cryptoasset trading.” Michau stated in an e-mail. “We define institutional clients as financial institutions such as asset managers and investors, and large multinational companies who are clients of our corporate and investment banking division.”

Standard Chartered has been concerned in crypto and digital belongings for a while. The financial institution now gives digital belongings custody and buying and selling by means of its company and funding financial institution, and by means of the firms StanChart invested in, akin to Zodia Custody and Zodia Markets. It additionally gives digital asset tokenization companies, by means of its portfolio firm Libeara.

The new service is built-in into Standard Chartered’s present buying and selling platforms, permitting corporates, asset managers and institutional traders to entry crypto markets by means of acquainted FX interfaces. Clients can settle trades to a custodian of their selection, together with Standard Chartered’s in-house custody service.

The focus for now will stay on BTC and ETH spot buying and selling with plans to broaden the companies suite for these crypto belongings together with the introduction of non-deliverable forwards (NDFs) buying and selling, Michau stated.