After approval by the UK monetary regulator, TP ICAP’s cryptocurrency platform will supply Bitcoin trading.
Leading international interdealer TP ICAP is launching a cryptocurrency trading platform with Fidelity Investments and UK banking large Standard Chartered.
TP ICAP’s upcoming cryptocurrency change is slated to launch within the second half of 2021 and can initially supply trading solely for Bitcoin (BTC), the world’s largest cryptocurrency, Reuters studies. Other digital belongings comparable to Ethereum can be added at a later stage.
Unlike most cryptocurrency exchanges, TP ICAP’s cryptocurrency trading platform will present a post-trade infrastructure with a network of digital asset custodians, in addition to making and segregating funds, as a way to cut back the danger of credit score. The platform will use Standard Chartered’s digital asset custody unit, known as Zodia, an institution-grade crypto custody answer launched in December 2020. Amsterdam-based market maker Flow Traders will present liquidity to the platform.
According to the report, the platform is awaiting approval from the UK’s monetary regulator, the Financial Conduct Authority. ICAP informed reporters that neither Standard Chartered nor Fidelity Investments have invested within the platform.
Duncan Trenholme, co-head of digital belongings at ICAP, mentioned investor demand for cryptocurrencies as a brand new asset class has exploded over the previous 6-8 months.
“In most of our conversations with clients, they want to separate the supervisory role from the ability to execute, which is the opposite of existing models.”
TP ICAP has actively moved into cryptocurrency lately, introducing various cryptocurrency-related providers. In June 2019, ICAP entered the crypto derivatives market, permitting its shoppers to purchase or promote Bitcoin futures contracts on the Chicago Mercantile Exchange. The firm can be planning so as to add Bitcoin futures settlement assist.
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