ICAP has announced that it is partnering with two of the world’s most reputable banks – Fidelity and Standard Chartered. The company, which provides financial market liquidity and execution services, is launching an online trading platform for Bitcoin, the world’s largest and best-known digital asset. The new platform will provide users who own Bitcoin a place to trade and hold the digital currency.
ICAP (NYSE:ICAP) is a company that provides clearing and settlement services for brokers, dealers and traders in financial markets. The company has now launched one of the first cryptocurrency broker-dealer platforms with a full Fidelity brokerage offering, including a full suite of trading and transactional services.
ICAP, the leading global provider of business-to-business payment processing services, has announced that it will be partnering with Standard Chartered Bank in the launch of a new exchange that will enable customers to trade Bitcoin. This new exchange will be underpinned by technology provided by a US-based operations provider, Fidelity Investments.
The world’s largest inter-dealer broker TP ICAP is launching a trading platform for cryptocurrencies with Fidelity Investments and UK banking giant Standard Chartered.
Future cryptocurrency exchange TP ICAP is expected to launch in the second half of 2021 and will initially offer exchanges exclusively in bitcoin (BTC), the world’s largest cryptocurrency, Reuters reported Tuesday. Other digital assets such as Ether (ETH) will be added at a later date.
Unlike most typical crypto exchanges, TP ICAP’s crypto trading platform will provide a post-trade infrastructure with a network of custodians of digital assets and separate execution and settlement, reducing credit risk. The platform will use Standard Chartered’s digital asset custody unit, known as Zodia Custody, an institutional-level cryptocurrency storage solution launched in December 2020. Flow Traders, an Amsterdam-based market maker, will provide liquidity to the platform.
According to the report, the platform is awaiting approval from the UK’s financial regulator, the Financial Conduct Authority. Neither Standard Chartered nor Fidelity Investments has invested in the platform, ICAP told reporters.
Duncan Trenholm, co-head digital assets at ICAP, said investor demand for cryptocurrencies as a new asset class has skyrocketed over the past six to eight months. In most of our conversations with clients, they want a separation of custody functions from execution capabilities, which is the opposite of the models that currently exist, he said.
Related: Standard Chartered is considering setting up a European cryptocurrency exchange after HSBC gave the sector the green light.
TP ICAP has been actively engaged in cryptocurrencies in recent years and has introduced a range of cryptocurrency related services. In June 2019, ICAP entered the cryptocurrency derivatives market, allowing its clients to buy or sell bitcoin futures from the Chicago Mercantile Exchange. The company also plans to add support for bitcoin futures settlement.Crypto currencies have come a long way since their early days. Recently, the interest in Bitcoin has taken a higher level with big names like Fidelity Investments making moves to offer Bitcoin and Ethereum exchange services. This development is expected to take place around March, and is likely to be a small step in what is still a very new and somewhat risky market.. Read more about standard chartered binance and let us know what you think.
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