As a researcher with a background in finance and experience following the crypto market closely, I am excited to see Standard Chartered joining the ranks of major global banks engaging directly in the trading of Bitcoin and Ethereum. The bank’s strategic move to establish a spot trading desk for these cryptocurrencies, integrated within its FX trading unit, positions it as a trailblazer in this area, where regulatory landscapes have been cautious due to stringent requirements.
Major international banking heavyweight Standard Chartered is making its entrance into the cryptocurrency market by establishing a dedicated spot trading desk for Bitcoin and Ethereum, according to a Bloomberg article. With this move, Standard Chartered becomes one of the first significant global banks to take a direct role in crypto asset trading, an arena that has witnessed tentative involvement from major global banks due to complex regulatory environments.
Standard Chartered Will Offer Bitcoin And Ethereum
A newly formed trading desk at Standard Chartered has been incorporated into the bank’s foreign exchange (FX) division, with a base in London, a renowned financial center. According to informed sources, this initiative is about to commence shortly, making Standard Chartered among the pioneering major banks offering direct trading in Bitcoin and Ether assets instead of the more frequently traded crypto derivatives.
The careful preparation and regulatory discussions leading up to the establishment of a spot crypto trading desk are based on our institutional clients’ growing demand for Bitcoin and Ethereum trading. In accordance with our broader objective to serve clients in the digital asset sector, we have been collaborating closely with regulators to ensure access and custody services, as well as tokenization and interoperability solutions. (Source: Official bank statement)
This project is not Standard Chartered’s initial venture into the digital assets field. The bank has been actively involved in the cryptocurrency domain through substantial investments in associated infrastructure. For instance, they have established Zodia Custody and Zodia Markets. The former offers secure storage solutions for digital assets while the latter provides advanced over-the-counter trading facilities.
As a crypto investor, I’m excited about Standard Chartered’s recent announcement of launching Libeara, a specialized blockchain unit designed to help institutions tokenize traditional assets. This is an important step forward in my opinion, as it showcases the bank’s dedication to exploring the potential of blockchain technology within conventional financial instruments. Notably, they’re working on creating a tokenized government bond fund denominated in Singaporean dollars, which is a groundbreaking project that underscores their commitment to this innovative space.
In addition to managing transactions at the bank’s trading desk, the institution’s involvement with the crypto market is evident in its market studies and prognostications. Notably, Standard Chartered’s analysts, headed by Geoffrey Kendrick, who specializes in emerging markets research, have put forth a bullish perspective on Bitcoin’s price trend, considering the upcoming US presidential elections.
“During the upcoming US election, Kendrick anticipates reaching $100,000 and then $150,000 by the end of the year if Trump wins. He underscores the potential impact of political results on market trends.”
Looking ahead, Kendrick anticipates that Bitcoin’s value could surge to $200,000 or more by the year 2025. He attributes this potential increase to the continuous investment of large sums into newly debuted Bitcoin spot Exchange-Traded Funds (ETFs). According to his perspective, these ETFs will entice long-term investments, particularly from pension funds, leading to a consistent flow of capital into Bitcoin.
At press time, BTC traded at $63,657.
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2024-06-21 20:17