Standard Chartered Steps Up as First Global Bank Offering Crypto Trading for Institutions

The London-headquartered firm, which manages $800 billion in assets via a presence in 70 countries, has become the first global bank to offer this type of service.

Spot trading

Through its UK office, Standard Chartered will offer spot trading in Bitcoin (BTC) and Ether. (ETH). The service is integrated with its existing foreign exchange infrastructure and will soon expand to include non-deliverable forwards (NDFs).

NDFs are a type of financial derivative used to hedge or speculate on the price of an asset, such as currency or, increasingly, crypto, without the actual exchange of the underlying asset.

Institutional heft

The launch marks a major step in bridging the gap between traditional finance and cryptocurrencies, allowing corporations, fund managers and other institutions to access digital assets through a regulated, familiar environment.

“Digital assets are a foundational element of the evolution in financial services,” said Group Chief Executive Bill Winters. “They’re integral to enabling new pathways for innovation, greater inclusion and growth across the industry.”

Bullish analyst

Geoff Kendrick, the bank’s head of digital assets research, is one of the most bullish voices on Bitcoin among major banks, regularly forecasting six-figure price targets and institutional inflows. 

In a note to clients sent earlier this month, he predicted Bitcoin would reach $200,000 by the end of the year.