TP ICAP, the world’s largest intermediary broker, will launch a cryptocurrency trading platform together with Fidelity and Standard Chartered.

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TP ICAP, one of the largest financial firms in the world, will launch a cryptocurrency trading platform. TP ICAP has partnered with Fidelity and Standard Chartered for the initiative.

The platform is being developed in conjunction with liquidity provider Flow Traders, as well as crypto custody providers Fidelity Digital Assets and Standard Chartered’s Zodia Custody. The idea is to provide customers with a separate but interoperable model for execution and placement. Simon Forster, co-chairman of digital assets at TP ICAP, said that the current crypto market infrastructure prevents many institutional clients from trading because most application venues require up-front financing and also act as custodians. Forster said:

“This poses challenges from a conflict of interest perspective and results in fragmented liquidity. Our partnership and the resulting new platform are a natural evolution in the market structure that will make digital assets like Bitcoin more accessible to the wholesale market.”

The platform is subject to registration with the UK’s Financial Conduct Authority and is expected to launch by the end of this year.

TP ICAP is the latest traditional financial services firm to enter the cryptocurrency spot trading market. In recent months, megabanks including Goldman Sachs, Morgan Stanley and Citigroup have launched their own internal initiatives to help private wealth management clients access the cryptocurrency market. Earlier this month, Standard Chartered also announced plans to launch a cryptocurrency brokerage and exchange in the UK and Europe, along with Hong Kong-based BC Group.

As for TP ICAP, it launched its Digital Assets business in 2019 and currently allows clients to trade crypto derivatives on exchange giant CME Group.