Multinational bank Standard Chartered has launched a spot trading service for Bitcoin and Ethereum, positioning itself as the first global systemically important bank to offer cryptocurrency trading.
Goldman Sachs also offers crypto derivatives, but is not yet confident enough to offer spot trading services.
The London-based bank also plans to introduce non-deliverable forwards trading in the near future.
The service is integrated with Standard Chartered’s existing foreign exchange platform, allowing institutional clients to trade cryptocurrencies such as Bitcoin and Ethereum.
As a digital asset services provider registered with the UK Financial Conduct Authority (FCA), Standard Chartered leverages a strong regulatory framework to reduce barriers to entry for institutions into the crypto market.
The service also builds on the bank’s existing digital asset custody operations, which have been operating in various jurisdictions including Luxembourg.
According to Group CEO Bill Winters, digital assets are an important element in the evolution of financial services. It opens new paths to innovation, wider access and greater industry growth.
