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London-based Standard Chartered will become one of the first banks in the world to launch a new unit dedicated to Bitcoin and Ethereum, Bloomberg reports.
Standard Chartered Bank is creating a trading desk for Bitcoin and Ethereum trading.
The new cryptocurrency unit will become operational soon and will form part of the bank’s foreign exchange trading division.
Banks including Goldman Sachs Group Inc. have traded cryptocurrency financial instruments for years, but strict risk insurance rules prevent them from trading directly.
This fact makes it difficult for banks to make a profit.
Standard Chartered is one of several large banks delving into cryptocurrencies as institutional adoption expands.
The bank owns stakes in two cryptocurrency companies, Zodia Custody and Zodia Markets, which offer services ranging from custody to over-the-counter trading.
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