Standard Chartered Bank has launched a Bitcoin and Ethereum trading desk, becoming one of the first banks in the world to offer cryptocurrency trading. According to insiders, the new cryptocurrency trading desk will be integrated into the bank’s foreign exchange trading department and will be operational soon, with its location in London.
A trading desk is a department within a bank or company that is responsible for buying and selling securities such as bonds, stocks, currencies, and commodities to facilitate trading for themselves or their clients, thereby providing liquidity for financial institutions or companies. These institutions typically earn commissions through trading activities. They also provide support for clients in creating financial products, opportunities, and support agreements signed between investors and companies.
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Statement by Standard Chartered Bank:
“We work closely with regulatory authorities to support the trading needs of institutional clients in Bitcoin and Ethereum, aligning with our strategy to provide support for our clients in the broader digital asset ecosystem, from access and custody to tokenization and interoperability.”
This move reflects a broader trend of major financial institutions exploring blockchain, despite the challenges and volatility faced by the cryptocurrency market.
