Standard Chartered Says It’s the First Global Bank to Offer Spot Bitcoin, Ether Trading

Standard Chartered, a prominent cryptocurrency-friendly bank, has announced a groundbreaking initiative: it is the first global bank to offer spot trading in Bitcoin (BTC) and Ether (ETH) to its institutional clients. This service, currently available through the bank’s UK branches during Asian and European trading hours, marks a significant step in the mainstream adoption of cryptocurrencies within the traditional financial sector. The bank plans to expand access to 24/5 availability as client demand increases.

Rene Michau, Standard Chartered’s global head of digital assets, emphasized the bank’s pioneering role, stating, “Standard Chartered is the first global systemically important bank to be offering cryptoasset trading.” The offering targets institutional clients, defined as financial institutions like asset managers and investors, as well as large multinational corporations within the bank’s corporate and investment banking division.

This latest development builds upon Standard Chartered’s existing engagement in the cryptocurrency and digital asset space. The bank already provides digital asset custody and trading services through its corporate and investment bank, leveraging its investments in companies such as Zodia Custody and Zodia Markets. Furthermore, it offers digital asset tokenization services via its portfolio company, Libeara.

The new spot trading service is seamlessly integrated into Standard Chartered’s existing trading platforms, providing institutional clients with a familiar experience through user-friendly FX interfaces. Clients enjoy flexibility in choosing their preferred custodian for trade settlements, including Standard Chartered’s own in-house custody service.

While the initial focus is on BTC and ETH spot trading, Standard Chartered has future plans to expand its crypto asset service offerings. This includes the introduction of non-deliverable forwards (NDFs) trading for BTC and ETH, showcasing the bank’s commitment to providing a comprehensive range of crypto-related financial instruments to its institutional clients. This strategic move positions Standard Chartered at the forefront of the evolving landscape of cryptocurrency integration within traditional finance, offering sophisticated institutional investors access to the rapidly growing digital asset market through a trusted and established banking institution.