From Investing.com: 2024-06-21 11:30:28

Banking giant Standard Chartered is reportedly gearing up to launch a dedicated trading desk for Bitcoin and Ethereum, marking a bold move in the traditional finance sector. The upcoming crypto desk will be managed from London and signals the bank’s acknowledgment of the rising importance of digital assets in the global financial landscape.

Standard Chartered’s foray into cryptocurrency trading follows a trend among prominent banks expanding into the digital asset space as institutional interest grows. The bank has investments in Zodia Custody and Zodia Markets, two cryptocurrency companies offering services from custody to over-the-counter trading.

Australia’s largest equities exchange recently listed its first spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX), catering to the increasing demand for accessible cryptocurrency investments. The VanEck Bitcoin ETF now trades on ASX, representing 90% of the country’s equity market.

MicroStrategy’s CEO announced the acquisition of an additional 11,931 BTC for approximately $786 million, bringing the company’s total Bitcoin holdings to 226,331 BTC purchased for roughly $8.33 billion. This move highlights MicroStrategy’s ongoing strategy of using revenue from convertible notes and excess cash to accumulate Bitcoin at an average price of $36,798 per coin.

Read more at Investing.com: Banking Giant Standard Chartered to Launch Bitcoin, Ethereum Trading Desk: Details By U.Today