Cryptocurrency-friendly lender Standard Chartered is claiming bragging rights of being the primary international financial institution to supply spot buying and selling in bitcoin
and ether (ETH) to institutional purchasers.
The providing, rolled out by means of the financial institution’s UK branches, is out there initially through our U.Ok. entity, throughout Asia and Europe buying and selling hours, with 24/5 entry into consideration as shopper demand evolves, mentioned Rene Michau, international head of digital property.
“Standard Chartered is the first global systemically important bank to be offering cryptoasset trading.” Michau mentioned in an e-mail. “We define institutional clients as financial institutions such as asset managers and investors, and large multinational companies who are clients of our corporate and investment banking division.”
Standard Chartered has been concerned in crypto and digital property for a while. The financial institution now affords digital property custody and buying and selling by means of its company and funding financial institution, and thru the businesses StanChart invested in, resembling Zodia Custody and Zodia Markets. It additionally affords digital asset tokenization companies, by means of its portfolio firm Libeara.
The brand new service is built-in into Standard Chartered’s present buying and selling platforms, permitting corporates, asset managers and institutional buyers to entry crypto markets by means of acquainted FX interfaces. Purchasers can settle trades to a custodian of their alternative, together with Standard Chartered’s in-house custody service.
The main target for now will stay on BTC and ETH spot buying and selling with plans to increase the companies suite for these crypto property together with the introduction of non-deliverable forwards (NDFs) buying and selling, Michau mentioned.
