TP ICAP, a provider of market infrastructure, today announced it will launch a new wholesale trading platform for cryptocurrency assets. TP ICAP will work in collaboration with Fidelity Digital Assets, Zodia Custody, and Flow Traders.
The new platform, which is subject to registration with the UK Financial Conduct Authority, will feature a wholesale electronic marketplace for spot crypto-asset trading, including bitcoin and ether, as well as providing connectivity and post-trade infrastructure into a network of digital assets custodians.
TP ICAP is working with Fidelity Digital Assets and Zodia Custody, both leading crypto assets custodians, to ensure clients have a segregated and interoperable model for execution and settlement, a key requirement for clients entering this new asset class.
The firms have collaborated to develop a new trading model where clients will be able to access liquidity at TP ICAP whilst their assets remain under custody at their digital asset custodian of choice, providing a level of security that institutional investors expect. Fidelity Digital Assets and Zodia Custody will provide custodian services to the new platform.
TP ICAP launched its digital asset business in 2019, enabling clients to trade crypto derivatives products; this new trading platform for the spot market significantly expands the firm’s offering.
TP ICAP is required to register the TP ICAP Digital Assets Platform with the UK’s FCA under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). TP ICAP submitted this application to the FCA and will only launch its platform once the registration process is complete.