StanChart taps institutional clients with digital assets trading service

Standard Chartered Bank becomes the first global bank to offer deliverable spot cryptoasset trading for institutional clients. [File, Standard]

Standard Chartered Bank (StanChart) has launched a fully integrated digital assets trading service for institutional clients that will allow the sale and purchase of virtual assets such as crypto.

The service is in line with the bank’s commitment to offer clients safe and efficient digital asset solutions. It follows the successful launch of its digital assets custody service.

The offering includes spot trading for Bitcoin (XBT/USD) and Ether (XET/USD) through its UK branch. It will soon be introducing non-deliverable forwards (NDFs) trading. This makes StanChart the first global bank to offer deliverable spot cryptoasset trading for institutional clients, including corporates, investors and asset managers.

“The trading offering is fully integrated with Standard Chartered’s existing platforms, allowing institutional clients to access and trade cryptoassets through familiar FX interfaces,” reads a statement from the bank. “Clients can settle to their choice of custodian, including Standard Chartered’s secure digital assets custody solutions.”

The bank is FCA approved. The Financial Conduct Authority (FCA) is the regulatory body for financial services in the UK.

The statement adds that as an FCA-registered cryptoasset service provider, clients benefit from the assurance of dealing with a regulated global bank, supported by robust balance sheet capabilities, institutional-grade risk controls, and a world-class trading platform. StanChart Kenya and Africa chief executive Kariuki Ngari noted that digital assets are a foundational element of the evolution in financial services.

“They’re integral to enabling new pathways for innovation, greater inclusion and growth across the industry. As client demand accelerates further, we want to offer clients a route to transact, trade and manage digital asset risk safely and efficiently within regulatory requirements,” he said. He said the bank is applying its global expertise, infrastructure and risk management frameworks that the clients trust in the digital assets space.

The offerings look forward to removing many of the barriers institutional clients face when entering the crypto space.

The offering is the latest expansion in StanChart’s growing suite of digital asset capabilities. “Standard Chartered now offers digital assets custody and trading through its Corporate and Investment Bank, and through its investee companies Zodia Custody and Zodia Markets. It also offers digital asset tokenisation services, through its investee company Libeara,” it noted.