The TP ICAP, the world’s biggest interdealer broker, is launching a cryptocurrency trading platform. The platform is developed with Fidelity Investments and Standard Chartered’s digital assets custody unit, Zodia Custody. Amsterdam-based Flow traders will provide liquidity to the platform.
The upcoming crypto trading platform is set to launch in the second half of the year. The platform would offer Bitcoin spot trading and will add Ether trading as well in the future, reported Reuters. The platform will offer post-trade infrastructure with a network of digital assets custodians, separate execution and settlement, intending to cut credit risks.
The main aim is to make crypto trading akin to that of traditional assets like stocks, bonds, and foreign exchange. The platform is awaiting approval by Britain’s financial regulator, FCA. Neither Standard Charted nor Fidelity Investments have invested in the platform.
“Investor interest in this new asset class has exploded dramatically in the last six to eight months,” Duncan Trenholme, co-head of digital asset at TP ICAP, told Reuters. “In most of our conversations with a client, they want a separation of custodial roles from execution capabilities which is opposite to the models that exist currently.”
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Fidelity has filed for a Bitcoin ETF in the US. Earlier this month, Standard Chartered announced it would develop a separate crypto brokerage and exchange platform in Britain and Europe.
