According to Bloomberg, banking giant Standard Chartered is reportedly planning to launch a dedicated trading desk for Bitcoin and Ethereum. This move would make Standard Chartered one of the first major global banks to offer spot cryptocurrency trading.
The new crypto trading desk is almost ready to start and will be part of Standard Chartered’s foreign exchange (FX) trading division. This confidential initiative was shared by anonymous sources due to its sensitive nature.
Standard Chartered’s Shift to Digital Assets with New Crypto Trading Desk
Managed from London, the new crypto trading desk represents a major shift toward digital assets for Standard Chartered, a bank with a long history in traditional finance. This move highlights the bank’s recognition of the increasing importance of cryptocurrencies in the global financial landscape.
Standard Chartered is one of several prominent banks expanding into the cryptocurrency space as institutional use grows. The bank has investments in two cryptocurrency companies, Zodia Custody and Zodia Markets, which offer services ranging from custody to over-the-counter trading.
Australia Lists First Bitcoin ETF; MicroStrategy Buys More BTC
In recent Bitcoin news, Australia’s largest equities exchange listed its first spot Bitcoin (BTC) exchange-traded fund (ETF) on Thursday, reflecting the growing global demand for an easy way to invest in cryptocurrencies. The VanEck Bitcoin ETF (VBTC) began trading on the Australian Securities Exchange (ASX), which accounts for 90% of the country’s equity market.
Additionally, Michael Saylor, CEO and co-founder of MicroStrategy, announced that the company has acquired an additional 11,931 BTC for approximately $786 million. This purchase was made using revenues from convertible notes and excess cash, at nearly $65,883 per Bitcoin. MicroStrategy now owns 226,331 BTC, purchased for roughly $8.33 billion at an average price of $36,798 per Bitcoin.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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