Standard Chartered Partners With FalconX To Fuel Institutional Crypto Access As Bitcoin Soars Past $103K
Institutional digital asset prime broker FalconX has formed a strategic partnership with Standard Chartered (OTC:SCBFF), strengthening connections between traditional banking and the rapidly expanding cryptocurrency market as Bitcoin (CRYPTO: BTC) trades near record highs.
What Happened: The collaboration, announced Wednesday, initially provides FalconX with access to Standard Chartered’s comprehensive banking services and extensive currency pairs, enhancing cross-border settlement capabilities for institutional clients.
“We are pleased to partner with Standard Chartered, one of the most forward-thinking global banks in digital asset adoption,” said Matt Long, General Manager for APAC & Middle East at FalconX. “This relationship strengthens our ability to deliver robust banking and FX solutions to clients who rely on us to operate in crypto markets.”
Why It Matters: The partnership comes as Bitcoin continues its upward trajectory, trading above $103,000 after reaching new all-time highs in recent weeks.
Standard Chartered’s Head of Digital Assets Research, Geoffrey Kendrick, recently revised his Bitcoin price forecast, suggesting his earlier $120,000 second quarter target may prove too conservative.
“The dominant story for Bitcoin has changed again,” Kendrick noted in a client note earlier this month. “It is now all about flows.”
Luke Boland, Head of Fintech for ASEAN, South Asia & GCNA at Standard Chartered, emphasized the bank’s commitment to the digital asset space: “As institutional demand for digital assets continues to grow, we’re proud to provide the banking infrastructure that enables firms like FalconX to deliver world-class trading and financing solutions.”
Price Action: Bitcoin is trading at $103,652. The cryptocurrency has gained 0.94% in the past 24 hours and is up 11.13%, year to date.
Photo Courtesy: MOZCO Mateusz Szymanski On Shutterstock.com
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