Standard Chartered is establishing a trading desk for Bitcoin and Ethereum, making it one of the first global banks to start spot trading cryptocurrencies.
According to sources familiar with the matter, the new crypto trading desk, which will be integrated into the bank’s currency trading unit, is close to becoming operational and will be based in London.
A trading desk is a department within a banking institution or company where securities such as bonds, stocks, currencies, commodities, etc., are bought and sold to facilitate their own or clients’ trading on financial markets, thus providing market liquidity.
Such desks usually earn commissions from trading activities. They also provide support to clients in terms of structuring financial products, opportunities, and supporting agreements entered into between investors and companies.
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In a statement, Standard Chartered said:
“We are working closely with our regulators to support the demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to provide support to clients within the broader digital asset ecosystem, from access and custody to tokenization and operational compatibility.”
This move reflects the broader trend among major financial institutions to explore blockchain opportunities despite the challenges and volatility of the crypto market.
