U.Today – Banking giant Standard Chartered (OTC:) could be on the verge of launching a dedicated trading desk, according to sources close to the matter, as reported by Bloomberg. This bold step positions Standard Chartered as one of the early global banks to embrace cryptocurrency spot trading.
The upcoming cryptocurrency desk is about to become operational and will become an integral component of the bank's foreign exchange (FX) trading division. The initiative, which is surrounded by confidentiality, has been shared by people who prefer to remain anonymous due to the sensitivity of the information.
Scheduled to be run from London, the cryptocurrency trading desk will mark a significant pivot towards digital assets for Standard Chartered, a bank with a long history in traditional finance. This move signals the bank's recognition of the growing importance of cryptocurrencies in the global financial landscape.
Standard Chartered is one of several prominent banks expanding their tentacles into cryptocurrencies as institutional use grows. He has investments in two cryptocurrency companies, Zodia Custody and Zodia Markets, which provide services ranging from custody to over-the-counter trading.
In recent Bitcoin news, Australia's largest stock exchange listed its first Bitcoin (BTC) exchange-traded fund (ETF) on Thursday, as global demand grows for an easy way to invest in cryptocurrencies.
The VanEck Bitcoin ETF () began trading on the Australian Stock Exchange (ASX), which represents 90% of the country's stock market.
Last day, Michael Saylor, CEO and co-founder of MicroStrategy, stated that the company acquired an additional 11,931 BTC for approximately $786 million, using proceeds from convertible notes and excess cash at almost $65,883 per Bitcoin. MicroStrategy now holds 226,331 BTC, purchased for approximately $8.33 billion at an average price of $36,798 per Bitcoin.
This article was originally published on U.Today.
