Multinational bank Standard Chartered has launched a new trading service allowing institutions and corporations to trade major cryptocurrencies.
Standard Chartered is rolling out spot trading for Bitcoin (BTC) and Ether (ETH) through its UK branch, the company officially announced on Tuesday.
“Digital assets are a foundational element of the evolution in financial services. They’re integral to enabling new pathways for innovation, greater inclusion and growth across the industry,” Standard Chartered group chief executive Bill Winters said.
The offering will be initially available via Standard Chartered’s UK entity during Asia and Europe trading hours, with 24/5 access under consideration as client demand evolves, a spokesperson for the bank told Cointelegraph.
Standard Chartered clients can choose where to store crypto
Standard Chartered’s new crypto offering is fully integrated with the bank’s existing platforms, enabling institutional clients to access and trade crypto assets through familiar foreign exchange interfaces, the announcement said.
The service also allows investors to select their preferred custodian, or choose from multiple providers for storing their crypto assets, including Standard Chartered’s proprietary custody solutions and Zodia Custody, the bank’s affiliated custody provider.
As previously mentioned, Standard Chartered has been actively rolling out its crypto custody services, launching a regulated custody offering for Bitcoin and Ether in the United Arab Emirates last September.
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Following the UAE launch, the bank also secured a license to offer custody services in Luxembourg last January.
Offering available globally after UK onboarding
As a crypto asset service provider registered with the UK Financial Conduct Authority, Standard Chartered intends to provide its clients with a regulated offering, supported by institutional-grade risk controls and strong balance sheet capabilities.
According to a spokesperson at the bank, Standard Chartered’s crypto offering will be available to institutions and corporates globally after onboarding in the UK.
“Clients need to be set up to trade with Standard Chartered UK to be able to trade but the service is available to our global client base,” the bank’s representative told Cointelegraph.
Future plans
After the spot trading launch, Standard Chartered expects to soon expand the offering with crypto non-deliverable forwards (NDFs), or two-party derivatives contracts.
When asked about potential expansion beyond institutional clients, Standard Chartered declined to comment on whether it plans to extend the offering to retail customers in the near future.
“At this stage, we are only focusing on our corporate and investment banking clients,” the bank’s representative said.
Standard Chartered’s crypto trading launch builds on its longstanding commitment to exploring blockchain technology, tokenized assets and the broader crypto ecosystem.
The bank previously disclosed it was planning to set up a crypto trading desk for institutions in June 2024.
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