According to breaking news, Bloomberg reported that Standard Chartered has launched a spot crypto trading desk for Bitcoin and Ethereum.
According to sources familiar with the matter, Standard Chartered is establishing a spot trading desk for Bitcoin and Ethereum.
The new crypto desk, which is on the verge of becoming operational, will be integrated into the bank's foreign exchange (FX) trading unit. Sources, who did not want their names to be disclosed while sharing confidential information, announced that the desk will be operated from London.
Historically, banks such as Goldman Sachs have been involved in trading assets such as cryptocurrencies. However, strict regulations prevented these banks from dealing directly with the underlying assets. The Basel Committee on Banking Supervision has suggested that banks should apply a 1,250% risk weight to any unhedged crypto exposure that creates difficulty generating profits.
“We are working closely with our regulators to support demand from our institutional customers to trade Bitcoin and Ethereum, and are aligned with our strategy to support customers across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” Standard Chartered said in an official statement.
*This is not investment advice.