Categories: Bitcoin

ICAP to launch Bitcoin exchange with Fidelity, Standard Chartered

Major global interdealer broker TP ICAP is launching a cryptocurrency trading platform with Fidelity Investments and British banking giant Standard Chartered.

TP ICAP’s upcoming crypto exchange is scheduled for launch in the second half of 2021 and will initially offer trading exclusively for Bitcoin (BTC), the world’s largest cryptocurrency, Reuters reported Tuesday. Other digital assets like Ether (ETH) will be added at a later stage.

Unlike the majority of typical crypto exchanges, TP ICAP’s crypto trading platform will offer post-trade infrastructure with a network of digital asset custodians as well as separate execution and settlement, intending to cut credit risks. The platform will use Standard Chartered’s digital assets custody unit known as Zodia custody, an institutional-grade crypto custody solution launched in December 2020. Amsterdam-based market maker Flow Traders will provide liquidity to the platform.

According to the report, the platform is awaiting approval from the United Kingdom’s financial regulator, the Financial Conduct Authority. Neither Standard Chartered nor Fidelity Investments have invested in the platform, ICAP told reporters.

Duncan Trenholme, ICAP’s co-head of digital assets, said that investor demand for crypto as a new asset class has exploded over the past six to eight months. “In most of our conversations with clients, they want a separation of custodial roles from execution capabilities which is opposite to the models that exist currently,” he noted.

Related: Standard Chartered plans European crypto exchange after HSBC says ‘no’ to industry

TP ICAP has been actively moving into crypto in recent years, introducing a number of crypto-related services. In June 2019, ICAP entered the crypto derivatives market, allowing its customers to buy or sell Chicago Mercantile Exchange’s Bitcoin futures. The company was also planning to add support for Bitcoin forward contracts settlement.

admin

Share
Published by
admin

Recent Posts

Is there a way for the crypto sector to avoid Bitcoin’s halving-related bear markets?

There is good reason to be afraid. Previous down markets have seen declines in excess…

2 years ago

UPS and FedEx are good dividend stocks, but which should you take?

United Parcel Service, Inc. (NYSE:UPS) and FedEx Corporation (NYSE:FDX) are two robust logistics companies. Both…

2 years ago

Bitfarms sold 3K Bitcoin as part of strategy to improve liquidity and pay debts

Canadian crypto mining firm Bitfarms sold roughly $62 million worth of Bitcoin (BTC) in June,…

2 years ago

This biotech stock is up 100% on Tuesday: here’s the catalyst

Invezz does not provide financial advice. Our aim is to simplify information about investing, enabling…

2 years ago

Japanese film studio announces the production of a series based on crypto

Noma, a Japanese film studio, has announced that it is producing three feature films that…

2 years ago

Bitcoin price taps 5-day highs as Shiba Inu leads altcoin gains

Bitcoin (BTC) saw continued strength on June 21 as Wall Street trading opened with a…

2 years ago