Major bank, Standard Chartered, pioneers crypto trading by offering spot transactions in the financial system
In a significant move for the financial industry, Standard Chartered, a globally recognised bank, has taken a pioneering step by offering spot trading services for Bitcoin and Ether. This makes Standard Chartered the first systemically important bank to provide such services, while other major banks, such as Goldman Sachs, offer crypto derivatives but not spot trading.
The bank's foray into the digital asset space is not limited to trading and custody. Standard Chartered's activities extend to partnerships, subsidiary ventures, and investments. One of the independent cryptocurrency-focused companies founded by Standard Chartered's SC Ventures is Zodia Custody, which provides cryptocurrency-focused services. Another such company is Zodia Markets.
Standard Chartered's digital asset custody operations already span multiple jurisdictions, including Luxembourg, and it has investments in institutional platforms for tokenized assets and cross-border payments, such as Singapore-based Partior and Europe's SWIAT.
The bank's services are designed for institutional clients, including corporates, investors, and asset managers. These clients can trade cryptocurrencies through familiar interfaces and settle to their preferred custodian.
Bill Winters, Group CEO of Standard Chartered, has stated that digital assets are a foundational element of the evolution in financial services. The bank leverages its regulated framework to address barriers that institutional clients typically face when entering the cryptocurrency market. Standard Chartered is an FCA registered cryptoasset service provider.
In addition to its own initiatives, Standard Chartered has formed partnerships with Paxos, FalconX, and StraitsX to further strengthen its digital asset services. The offering integrates with Standard Chartered's existing foreign exchange platforms, and the service will operate through Standard Chartered's UK branch.
In the near future, Standard Chartered plans to introduce non-deliverable forwards trading. This move is expected to further expand the bank's digital asset offerings and solidify its position as a leader in this rapidly evolving sector.
[1] [2] [3] [4] (Sources providing more details about the bank's digital asset services and its position as the first global systemically important bank to offer spot trading services for Bitcoin and Ether.)
- Standard Chartered's integration with Paxos, FalconX, and StraitsX, in addition to its own digital asset services, aims to enhance its position as a leader in the burgeoning sector, offering insights into the bank's innovative approaches in the digital asset industry.
- Beyond spot trading and custody, Standard Chartered's strategic investments include institutional platforms for tokenized assets and cross-border payments, such as Partior and SWIAT, exemplifying the bank's commitment to expanding its digital asset assets and technology infrastructure.
- As the first systemically important bank to offer spot trading services for Bitcoin and Ether, Standard Chartered's entry into the digital asset space represents a significant shift in the banking industry, leverage technology to provide a regulated framework that addresses client barriers in accessing the cryptocurrency market.
