Standard Chartered creates a bureau for Bitcoin and Ethereum trading, becoming one of the first global banks to start spot trading with cryptocurrencies.
According to informed sources, the new crypto trading bureau, which will be integrated into the bank’s currency trading unit, is close to operational status and will be based in London.
A trading desk is a department in a banking institution or company where securities such as bonds, stocks, currencies, commodities, etc., are bought and sold to facilitate their own or client trading on financial markets, thereby providing market liquidity.
Such bureaus usually earn commissions as a result of trading activities. They also provide support to clients regarding the structuring of 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 of providing support to clients in 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. 