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TP ICAP to launch Bitcoin exchange with Fidelity, Standard Chartered



Main international interdealer dealer TP ICAP is launching a cryptocurrency buying and selling platform with Constancy Investments and British banking large Standard Chartered.

TP ICAP’s upcoming crypto exchange is scheduled for launch within the second half of 2021 and can initially provide buying and selling completely for Bitcoin (BTC), the world’s largest cryptocurrency, Reuters reported Tuesday. Different digital belongings like Ether (ETH) shall be added at a later stage.

In contrast to nearly all of typical crypto exchanges, TP ICAP’s crypto buying and selling platform will provide post-trade infrastructure with a community of digital asset custodians in addition to separate execution and settlement, intending to minimize credit score dangers. The platform will use Standard Chartered’s digital belongings custody unit often known as Zodia custody, an institutional-grade crypto custody resolution launched in December 2020. Amsterdam-based market maker Circulate Merchants will present liquidity to the platform.

In accordance to the report, the platform is awaiting approval from the UK’s monetary regulator, the Monetary Conduct Authority. Neither Standard Chartered nor Constancy Investments have invested within the platform, TP ICAP advised reporters.

Duncan Trenholme, TP ICAP’s co-head of digital belongings, mentioned that investor demand for crypto as a brand new asset class has exploded over the previous 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 famous.

Associated: Standard Chartered plans European crypto exchange after HSBC says ‘no’ to trade

TP ICAP has been actively shifting into crypto lately, introducing numerous crypto-related companies. In June 2019, TP ICAP entered the crypto derivatives market, permitting its clients to purchase or promote Chicago Mercantile Exchange’s Bitcoin futures. The corporate was additionally planning to add help for Bitcoin ahead contracts settlement.