Crypto-friendly bank Standard Chartered announces the launch of Bitcoin and Ethereum spot trading services for institutional clients.
Rene Michau, the global head of digital assets at Standard Chartered, revealed the development in an emailed statement, as reported by Reuters.
According to Michau, the new service is available to institutional clients globally, facilitated through the bank’s U.K. investment banking platform. These clients include multinational corporations, asset managers, and other financial institutions.
He emphasized that the new service positions Standard Chartered as “the first global systemically important bank” offering spot-based trading services for Bitcoin and Ethereum.
Notably, Standard Chartered integrated the crypto trading service into its existing FX trading platform. The rationale is to allow institutional clients of its U.K. branch to trade Bitcoin and Ethereum via familiar interfaces.
In the meantime, the bank is considering granting institutional clients 24/5 access to the service as demand soars.
Previous Crypto Offerings
Standard Chartered is no stranger to the crypto market, as it currently offers two in-house crypto products through the companies it backs – Zodia Markets and Zodia Custody.
With Zodia Markets, Standard Chartered customers can trade over 70 crypto assets. On the other hand, users can store their digital currencies through the institutional-grade custodian solution, Zodia Custody.
Moreover, Standard Chartered also counts Singapore-based tokenization platform Libeara among its subsidiaries. With Libeara, the bank offers asset tokenization services to its institutional clients.
Now, it has launched spot-based Bitcoin and Ethereum trading services, allowing institutional clients to trade two of the world’s largest cryptocurrencies through familiar interfaces. Per Michau, plans are underway to expand the offering by introducing non-deliverable forwards (NDFs), specifically for Bitcoin and Ethereum.
Standard Chartered Predictions for Bitcoin and Ethereum
The development comes as the prices of Bitcoin and Ethereum record significant surges. While Bitcoin clinched a new all-time high of $123,200, Ethereum crossed $3,000 yesterday for the first time since February 2.
Aside from offering crypto-related services, Standard Chartered is also bullish on the prospects of Bitcoin and Ethereum. Earlier this month, it predicted that Bitcoin would reach $135,000 by Q3 2025 and ultimately hit $200,000 by the end of this year.
For Ethereum, Standard Chartered sees the second-biggest cryptocurrency clinching a maximum target of $4,000 this year. It initially set a lofty target of $10,000 for Ethereum. However, the bank reduced its ETH forecast to $4,000 from $10,000 in March, due to the rise of other Layer-2 blockchains, such as Base.
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