Major UK bank Standard Chartered opens Bitcoin and digital asset trading to institutions

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Key Takeaways

Standard Chartered says it is the first global systemically important bank to offer deliverable spot crypto trading to institutional clients.
The service allows institutional clients to trade Bitcoin and Ether through integrated and regulated platforms.

Standard Chartered has rolled out its digital assets trading services for institutional clients, becoming the first global systemically important bank to offer deliverable spot trading for Bitcoin and Ether through its UK branch, according to a Tuesday announcement.

The bank’s new service provides spot trading pairs for Bitcoin (XBT/USD) and Ether (XET/USD), with plans to introduce non-deliverable forwards trading.

With the offering, institutional clients, such as corporates, investors, and fund managers, will be able to trade crypto assets through standard FX interfaces from Standard Chartered.

“Digital assets are a foundational element of the evolution of financial services. They’re integral to enabling new pathways for innovation, greater inclusion and growth across the industry,” said Bill Winters, Group Chief Executive of Standard Chartered, in a statement.

Institutional clients can settle trades with their preferred custodians, including Standard Chartered’s digital assets custody solutions. As an FCA-registered crypto asset service provider, the bank offers regulated services backed by institutional-grade risk controls and its trading platform.

“We are applying our global expertise, infrastructure and risk management frameworks that our clients trust to the digital assets space,” said Tony Hall, Global Head of Trading and XVA, Markets, at Standard Chartered.

The trading service operates within Standard Chartered’s regulated banking framework and adds to the bank’s digital asset capabilities, which include custody services through Zodia Custody, trading via Zodia Markets, and tokenization services through Libeara.

The move positions the major bank as a regulated gateway for crypto clients and marks another step in expanding its crypto services, which started in the UAE last September.

In January, Standard Chartered obtained a Luxembourg license to create a new entity for offering crypto custody services compliant with the EU’s Markets in Crypto Assets regulation.