Standard Chartered Crypto Prime Brokerage Expands to…
By Tobi Opeyemi Amure
AI summary of the source article
Standard Chartered has expanded its partnership with trading platform 24X to provide crypto prime brokerage services for Bitcoin and Ethereum. Under the arrangement, 24X handles execution while Standard Chartered acts as the central counterparty facing institutional clients.
Why it matters
Routing Bitcoin through a bank as central counterparty "removes the venue credit risk that has kept mandated institutions out" and addresses concerns for treasurers instructed to avoid crypto venues.
Key facts
- Standard Chartered and Bermuda-based trading platform 24X widened their partnership to cover Bitcoin and Ethereum prime brokerage.
- Institutions trading Bitcoin through 24X take credit exposure directly to Standard Chartered rather than the executing market maker.
- Prior to the prime brokerage expansion, spot crypto trades on 24X settled with Cumberland DRW on 1 September and Wintermute in October.
Source excerpt · FinanceFeeds
Standard Chartered crypto services now extend to prime brokerage on 24X, after the Bermuda-based trading platform said on Tuesday it had widened their partnership to cover Bitcoin and Ethereum. The bank already acts as prime broker to 24X clients across foreign exchange non-deliverable forwards, FX spot, deliverable and non-deliverable swaps, and metals. The structure behind the trade is what sepa…