Standard Chartered launches Bitcoin (XBT) and Ethereum (XET) spot trading to offer secure, regulated and scalable access to institutional clients.
British multinational bank Standard Chartered on Tuesday said it has launched spot trading for Bitcoin (BTC) and Ethereum (ETH). It followed the successful launch of its digital assets custody service earlier amid rising demand from clients seeking exposure to digital assets.
Standard Chartered to offer a fully integrated digital assets trading service for institutional clients, the bank announced on July 15. The offering includes spot trading for Bitcoin (XBT) and Ether (XET) in the USD pairs through its UK branch.
The bank will also introduce non-deliverable forwards (NDFs) trading or crypto derivatives later this year. The move makes it the first global bank to offer spot crypto asset trading for institutional clients, including corporates, investors, and asset managers.
Commenting on rising demand from clients, Standard Chartered’s group chief executive Bill Winters said, “Digital assets are a foundational element of the evolution in financial services. They’re integral to enabling new pathways for innovation, greater inclusion and growth across the industry.”
Being an FCA-registered crypto asset service provider ensures clients get safe, trusted, and efficient digital asset solutions, which boosts crypto adoption in TradeFi. Standard Chartered is even offering clients the use of their choice of custodian, including Standard Chartered’s secure digital assets custody solutions.
Recently, Standard Chartered predicted Bitcoin price could hit $135,000 by September. Moreover, the massive upside momentum would even carry BTC to $200,000 by year-end.
BTC price is currently trading nearly 5% lower at $116,790 due to profit booking ahead of the US CPI release. Meanwhile, ETH price fell more than 2% to slip below the key $3,000 level.