Standard Chartered Bank Announces Plans to Introduce Cryptocurrency Trading Platform
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Baystreet.ca - Standard Chartered Readies Crypto Trade Operations
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<p>UK's Standard Chartered (STAN) is setting up a cryptocurrency trading division, to include leading digital assets, Bitcoin (BTC) and Ethereum (ETH).</p>
<p>This newly announced trading desk is anticipated to begin operations during the coming summer and will integrate with the banks' existing FX trade division. Its base of operations will be stationed at the bank's London-based global headquarters in England.</p>
<p>Despite cryptocurrencies becoming increasingly common in trade industries, many financial institutions have shied away from direct handling due to high associated costs.</p>
<p>The Basel Committee on Banking Supervision requires banks to hold a 1,250% risk buffer for crypto assets not covered by hedges, which poses a challenge in profit generation.</p>
<p>In response to the growing institutional adoption and recognition of cryptocurrencies globally, Standard Charorted continues to expand its cryptocurrency services.</p>
<p>In the previous year, the bank initiated "Libeara," a blockchain-focused branch designed to assist in asset tokenization for corporations.</p>
<p>The burgeoning interest and inception of spot Bitcoin ETFs trading in various countries such as the U.S., Australia, and Hong Kong, have also spurred the bank's confidence in digital assets.</p>
<p>Amid a market downturn with Bitcoin's valuation currently at approximately $63,700 U.S., down about 10% in the preceding month, Standard Chartered pushes forward with its crypto trade desk plans.</p>
<p>Despite recent price declines, Bitcoin's value has surged 44% within the year and has experienced a twofold increase over the past year.</p>
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