In a new development making rounds across several news publication platforms, Standard Chartered (STAN) has unveiled its plan to expand operations by imminently launching a new Bitcoin (BTC) and Ethereum (ETH) spot trading platform, which will be integrated into the banking firm’s Foreign Exchange (FX) trading department.
“We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” STAN stated to break the news to its teeming customers.
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Standard Chartered PLC is a British multinational bank valued above $800 billion, with operations spanning corporate, institutional, consumer, banking, etc. Surprisingly, while Standard Chartered’s headquarters is stationed in the United Kingdom, most of its profits have least expectedly stemmed from continents other than Europe.
Breaking 🔥🔥: Standard Chartered Bank, valued at $820 billion, is set to establish a spot trading desk for buying and selling #Bitcoin and #Ethereum.
Bullish 🚀🚀🚀 pic.twitter.com/me1CAIFg2U
— 🥞C4B Freedom🥞 (@Crypto4bailout) June 21, 2024
Standard Chartered Involvement In Crypto And Related Assets
STAN’s latest disclosure forms part of its growing interest and involvement in crypto and other related digital assets. Interestingly, the banking firm boasts investments across digital asset enterprises, including Zodia Custody and Zodia markets, and it recently concluded the establishment of Libeara, a blockchain-focused unit, under its venture arm.
While most banking firms have narrowed by crypto involvement by trading just derivatives, Standard Chartered’s Involvement in spot trading, involving Bitcoin and Ethereum, has made it stand out.
Should Standard Chartered’s Bitcoin and Ethereum spot trading integration plans play out, it implies that Standard Chartered will become the first global banking institution to attain such a feat, cementing its place as one of the leading banking institutions worldwide.
In addition, opting to begin its spot trading futures with Bitcoin and Ethereum will undoubtedly impact the two crypto future price outlook. Hence, it underscores why the news is a welcomed development among crypto enthusiasts.
Why Standard Chartered Seems to Be Expanding At A Remarkable Rate
Unlike its peers, Standard Chartered has been recording a remarkable expansion rate courtesy of its meticulous adherence to global regulatory guidelines. Hence, it makes it easy for the banking firm to keep spreading its wings. Conversely, other banks will continue to tread carefully to avoid entering the redlist of more regulatory bodies.
Aside from its stellar regulatory compliance records, STAN’s recent feats could also be attributed to the platform’s focus on placing customers’ interests at heart, constantly devising means to solve pressing issues and make the financial journey seamless.
Timeline To Anticipate BTC And ETH Spot Trading On The STAN Platform
At the time of drafting this new article, the company did not spotlight a potential timeline for customers to anticipate the Bitcoin and Ethereum spot trading on the STAN FTX platform.
However, considering the factors highlighted in this insight, especially Standard Chartered’s clear regulatory compliance records, it becomes safe to say that it could begin any moment from now.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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