Standard Chartered is preparing to launch its own spot cryptocurrency trading desk for Bitcoin and Ethereum, Bloomberg has reported.
The British bank plans to enter the spot cryptocurrency market through its foreign exchange unit. The trading desk will be run from London.
Standard Chartered has said it has been working closely with regulators to meet demand from institutional clients for Bitcoin and Ethereum trading.
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The bank has also stated that it aims to support clients across the broader digital asset ecosystem, from access and custody to tokenization and interoperability.
As institutional adoption of the crypto market increases, Standard Chartered is one of a number of large banks that are expanding their participation in the sector.