Institutional clients can now engage in digital assets tradingvia the new platform initiated by Standard Chartered.
In a groundbreaking move, Standard Chartered, a globally significant bank registered with the Financial Conduct Authority (FCA), has entered the cryptoasset market by offering deliverable spot trading for institutional clients. This makes Standard Chartered the first global systemically important bank to provide such services, setting a new standard in the industry.
The bank's ventures, Zodia Custody and Zodia Markets, will offer digital asset custody and trading services, respectively. These services are integrated with Standard Chartered's existing platforms, allowing institutional clients to access and trade cryptoassets through familiar foreign exchange (FX) interfaces.
The digital assets offering by Standard Chartered includes spot trading for Bitcoin (XBT/USD) and Ether (XET/USD), and it operates within the bank's regulated banking framework. This regulatory compliance addresses many barriers that institutional clients typically face when entering the crypto space.
Clients can settle to their choice of custodian, including Standard Chartered's secure digital assets custody solutions. The bank plans to expand its offerings by introducing non-deliverable forwards (NDFs) trading in the near future, further enhancing the range of digital asset risk management tools available to institutional clients.
Tony Hall, Global Head of Trading and XVA at Standard Chartered, stated that the bank is applying its global expertise, infrastructure, and risk management frameworks to the digital assets space. He emphasised that the bank is well positioned to capture opportunities in the digital assets space.
Bill Winters, Group Chief Executive of Standard Chartered, has stated that digital assets are a foundational element of the evolution in financial services. This move by Standard Chartered positions the bank to cater to a broad range of financial entities looking to engage with digital assets, including corporates, investors, and asset managers.
Furthermore, beyond trading and custody, Standard Chartered has established partnerships with various cryptocurrency firms and stablecoin issuers, further solidifying its presence in the digital assets space. Another venture, Libeara, offers digital asset tokenisation services through Standard Chartered.
In conclusion, Standard Chartered's digital assets trading service is designed to provide a secure, regulated, and scalable platform for institutional clients. Leveraging its extensive financial infrastructure and expertise, the bank aims to meet the growing demand for digital asset services, positioning itself as a leader in the evolving digital assets landscape.
Standard Chartered's integration of Zodia Custody and Zodia Markets with its existing platforms enables risk management in the finance sector, as institutional clients can access and trade cryptoassets through familiar foreign exchange interfaces. Furthermore, the bank's plans to introduce non-deliverable forwards (NDFs) trading in the near future will expand the range of digital asset risk management tools available for institutional clients.
