British banking titan Standard Chartered is reportedly rolling out a trading desk for Bitcoin (BTC) and Ethereum (ETH) based in London.
According to a new one report by Bloomberg, anonymous sources familiar with the matter say the financial services provider is venturing into the world of spot market crypto trading.
The sources said the new desk is close to launch, although no specific date was given, and will be part of the bank’s currency trading service.
As Standard Chartered stated in an email to Bloomberg:
“We have worked closely with our regulators to support our institutional clients’ demand to trade Bitcoin and Ethereum, in line with our strategy to support clients across the broader digital asset ecosystem, from access and custody to tokenization and interoperability. ”
Standard Chartered last year launched Libeara, a blockchain platform that aims to help companies with tokenization of assets in the real world.
Earlier this year, analysts at Standard Chartered increased their price forecast for the top crypto assets by market capitalization by 50% in 2025 due to the success of Bitcoin Exchange-Traded Funds (ETFs) in the spot market, which received the green light from regulators in January.
Analyst Geoff Kendrick said in a note to investors at the time that the bank is increasing its 2025 price target for the crypto king from $100,000 to $150,000.
Bitcoin is trading at $64,132 at the time of writing, down 1.55% over the past 24 hours.
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Generated image: Midjourney