Introduction
Standard Chartered's foray into spot crypto trading for Bitcoin and Ethereum, announced on June 21, marks a significant step towards mainstream acceptance. The move, integrated into the bank's FX trading unit in London. This development also holds potential implications for the conversion of BTC to INR.
The bank's subsidiaries, Zodia Custody and Zodia Markets have been active in providing crypto-specific services, further bolstering this initiative in collaboration with every global crypto exchange, including those operating crypto exchange India.
Standard charted enters spot crypto trading space
In a significant development in the cryptocurrency market, Standard Chartered announced on June 21 that it is nearing the launch of a trading desk for Bitcoin and Ethereum.
According to Bloomberg, the new cryptocurrency-focused operations will be integrated into the bank's FX trading unit. The trading desk will be based in London.
The move was welcomed by crypto industry leaders, including Binance CEO Richard Ten, as it signals the accelerating mainstream adoption of cryptocurrency.
Standard Chartered, through its subsidiaries Zodia Custody and Zodia Markets, has been providing crypto-specific services such as cryptocurrency custody and institutional crypto trading.
Bitcoin and Ethereum to rally
Traders responded swiftly to the news, generating upward momentum for both Bitcoin and Ethereum prices.
Following the news, BTC price rebounded by 1%, although it remains down 2% over the past 24 hours, currently trading at $64,151.
The 24-hour low and high are $63,529 and $66,451, respectively. Additionally, trading volume has surged by 37% in the last 24 hours.
Meanwhile, ETH price has rebounded after dipping to a low of $3,446. Currently, it is trading at $3,514, reflecting a 2% decrease over the last 24 hours.
Furthermore, there has been a 15% increase in trading volume over the last 24 hours, sparking speculation of a potential recovery in the crypto market.
Conclusion
As Standard Chartered ventures into spot crypto trading, buoyed by industry support and its subsidiary services, the narrative of mainstream crypto adoption gains momentum. The positive market reaction, evidenced by the uptick in Bitcoin and Ethereum prices, underscores growing confidence in the sector.
With increased trading volumes and speculation of a market recovery, coupled with the convenience of every crypto exchange app, the outlook for cryptocurrency trading appears promising and accessible to a wider audience.
