The global bank Standard Chartered (StanChart) will enable institutional clients to trade Bitcoin (BTC) and Ethereum (ETH) through its UK branch. This makes the bank the first globally systemically important institution to offer such crypto services.
Standard Chartered is a multinational bank headquartered in the United Kingdom, focusing on emerging markets in Asia, Africa, and the Middle East. With total assets of USD 820 billion and over 85,000 employees worldwide, it operates in more than 50 countries. Due to increasing demand, Standard Chartered is now expanding its crypto offerings for institutional clients, according to a press release.
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Bitcoin and Ethereum trading at the bank
In line with its commitment to providing clients with secure, trusted, and efficient digital asset solutions, and following the successful launch of a custody service, Standard Chartered has introduced a fully integrated trading service for cryptocurrencies. The offering includes spot trading of Bitcoin and Ethereum via its UK branch and will soon be expanded to include non-deliverable forwards (NDFs).
The trading service is fully integrated into Standard Chartered's existing platforms, allowing institutional clients to access and trade crypto assets via familiar foreign exchange trading interfaces. Clients can choose their preferred custodian for settlement, including Standard Chartered’s own crypto custody solutions.
The digital gold rush
Rising prices and a realigned U.S. stance are increasing client pressure on established banks to offer their own crypto services. Nearly all of the largest U.S. banks are holding internal discussions about expanding into the space, as Reuters recently reported. JP Morgan and Bank of America are developing proprietary stablecoins, Charles Schwab wants to enter spot trading, and Morgan Stanley is also expanding its existing offering.
Nevertheless, regulation remains a drag. Some banks are calling for more clarity on anti-money laundering rules and regulatory oversight before committing more fully to the crypto space. The rules for traditional banking are clearly defined, and there is full certainty about what a bank is permitted to do and what lies outside its remit. Similarly defined guidelines will likely be required for digital assets as well.
