As an experienced financial analyst, I view Standard Chartered’s entry into spot crypto trading as a significant milestone for the digital asset industry. With Mastercard’s successful experiment with tokenized deposits using their Multi-Token Network (MTN), it is evident that traditional financial institutions are increasingly recognizing the potential of cryptocurrencies and blockchain technology.
Standard Chartered, a prominent player in global banking, amplifies its cryptocurrency initiatives and unveils intentions to establish a dedicated trading desk. Consequently, it marks the first move by a bank into spot Bitcoin and Ethereum trading.
As a researcher studying the latest developments in digital payments, I’m excited to share that Mastercard and Standard Chartered Bank Hong Kong (SCBHK) have recently achieved a significant milestone. Together, they have successfully carried out their initial live test of tokenized deposits utilizing Mastercard’s Multi-Token Network (MTN).
Standard Chartered Enters Spot Crypto Trading Space
In a significant move for cryptocurrencies, Standard Chartered announced on June 21 that they are nearing the launch of a dedicated trading desk for Bitcoin and Ethereum. This new crypto-specific division will be integrated into the bank’s Foreign Exchange (FX) trading operations. The trading desk is expected to commence operations in London, according to Bloomberg’s report.
As a crypto investor, I’ve been actively collaborating with regulators to cater to the increasing demand from institutional clients for Bitcoin and Ethereum trading. In accordance with our overarching strategy to provide comprehensive support to investors in the digital asset realm, we aim to offer services ranging from access and custody to tokenization and interoperability.
Crypto industry pioneers, such as Binance CEO Richard Ten, have warmly received this development. It’s a sign that the mainstream acceptance of cryptocurrencies is accelerating. Standard Chartered, via its subsidiaries Zodia Custody and Zodia Markets, has entered the crypto space by providing specialized services like crypto custody and institutional crypto trading.
As a financial analyst, I’m excited to share that Zodia Custody has broadened its range of supported digital assets, including the addition of USDE to its custody platform today. This expansion signifies their commitment to providing comprehensive custody solutions for an increasingly diverse digital asset landscape.
Bitcoin and Ethereum To Rally?
The announcement prompted traders into action, infusing positivity and causing a price surge for Bitcoin and Ethereum.
I’ve analyzed the Bitcoin market and found that the price bounced back by 1% following recent news but remains 2% lower than the past 24 hours. The current trading price is at $64,151, with a low of $63,529 and a high of $66,451 in this timeframe. Notably, there’s been a significant surge in trading volume by approximately 37% over the past day.
Concurrently, the Ethereum (ETH) value dipped to a low of $3,446 before bouncing back, now being traded at $3,514, representing a 2% decrease over the past day. Furthermore, there has been a notable surge in trading activity, with volumes up by 15% within the same timeframe, sparking optimism about a potential turnaround for the cryptocurrency market.
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2024-06-21 13:11