Cryptocurrency-friendly lender Standard Chartered is claiming bragging rights of being the first global bank to offer spot trading in bitcoin (BTC) and ether (ETH) to institutional clients.
The offering, rolled out through the bank’s UK branches, is available initially via our UK entity, during Asia and Europe trading hours, with 24/5 access under consideration as client demand evolves, said Rene Michau, global head of digital assets.
“Standard Chartered is the first global systemically important bank to be offering cryptoasset trading.” Michau said in an email. “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 involved in crypto and digital assets for some time. The bank now offers digital assets custody and trading through its corporate and investment bank, and through the companies StanChart invested in, such as Zodia Custody and Zodia Markets. It also offers digital asset tokenization services, through its portfolio company Libeara.
The new service is integrated into Standard Chartered’s existing trading platforms, allowing corporates, asset managers and institutional investors to access crypto markets through familiar FX interfaces. Clients can settle trades to a custodian of their choice, including Standard Chartered’s in-house custody service.
The focus for now will remain on BTC and ETH spot trading with plans to expand the services suite for these crypto assets including the introduction of non-deliverable forwards (NDFs) trading, Michau said.