On June 21, Bloomberg’s Emily Nicolle reported that Standard Chartered is planning to launch a new cryptocurrency trading platform. This platform will focus on spot trading, specifically handling bitcoin (BTC) and ethereum (ETH) transactions. The new trading desk will be part of Standard Chartered’s foreign exchange (FX) division.

In an email to Nicolle, Standard Chartered stated, “We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability.”

Standard Chartered has been involved in the cryptocurrency market for quite some time. The bank’s analysts are optimistic about the future of bitcoin, predicting that its value could reach six figures. Recently, the bank’s market strategists have suggested that BTC might hit $100,000 this year and could even soar to $150,000 if certain political conditions are met, such as a specific election outcome. Moreover, the analysts at Standard Chartered had accurately predicted that the U.S. Securities and Exchange Commission (SEC) would approve spot ethereum exchange-traded funds (ETFs).

This move by Standard Chartered reflects its commitment to expanding its services in the digital asset sector. By working with regulators and responding to the needs of institutional clients, the bank aims to offer comprehensive support within the cryptocurrency market. This includes everything from facilitating access to digital currencies to providing secure custody solutions, as well as exploring new opportunities like tokenization and ensuring interoperability across different digital platforms.

Overall, Standard Chartered’s decision to introduce a spot cryptocurrency trading desk within its FX division marks a significant step in its ongoing involvement in the digital asset industry. The bank’s proactive approach and positive outlook on bitcoin’s future value highlight its dedication to staying at the forefront of the evolving financial landscape.