Standard Chartered became the first Bank to launch spot crypto trading as they announced a plan to make spot BTC and ETH trading live.
The global banking giant Standard Chartered intends to establish a trading desk to spot Bitcoin and Ethereum as part of its ongoing crypto drive. Consequently, it has become the first bank to trade in spot crypto.
Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have recently concluded their inaugural live experiment on executing tokenized deposits through the Mastercard Multi-Token Network (MTN).
Standard Chartered Enters Spot Crypto Trading Market
Standard Chartered announced on June 21 that it is on the brink of establishing a trading division for Bitcoin and Ethereum, a significant crypto development. The bank’s FX trading unit will encompass the new crypto-focused operations. Bloomberg reported that the trading division will be operational from London.
Standard Chartered stated, “We have been collaborating closely with our regulators to address the demand from our institutional clients to trade Bitcoin and Ethereum. This collaboration is consistent with our strategy to support clients throughout the broader digital asset ecosystem, including access, custody, tokenization, and interoperability.”
The decision was enthusiastically received by crypto industry leaders, such as Binance CEO Richard Ten, as it suggests that mainstream crypto adoption is increasing. Standard Chartered has provided crypto-tailored solutions, such as institutional crypto trading and crypto custody, through its subsidiaries Zodia Custody and Zodia Markets.
Additionally, Zodia Custody has disclosed that it has broadened the scope of digital assets, supported by its comprehensive custody solutions. Today, it has integrated USDe into its custody platform.
Are Bitcoin and Ethereum on a surge?
Traders promptly responded to the news, resulting in a slight increase in the pricing of both Bitcoin and Ethereum.
The price of Bitcoin (BTC) has rebounded by 1% in the wake of the news, but it remains down by 2% in the past 24 hours. Currently, the price is $64,151. The low and maximum of the 24 hours are $63,529 and $66,451, respectively. The trading volume has also increased by 37% within 24 hours.
In the interim, the price of ETH experienced a positive reversal after reaching a low of $3,446. The price is trading at $3,514, representing a 2% decrease over the past 24 hours. Additionally, the trading volume has increased by 15% in the past 24 hours, which has fueled speculation of a crypto market recovery.
