Standard Chartered, Fidelity, TP ICAP to Launch Cryptocurrency Trading Platform

Fidelity, Standard Chartered Bank, and TP ICAP are collaborating to launch a cryptocurrency trading platform. It will feature a marketplace for spot crypto trading and provide “connectivity and post-trade infrastructure into a network of digital assets custodians.”

TP ICAP, a leading provider of market infrastructure, announced Tuesday that it is launching a cryptocurrency trading platform in collaboration with Fidelity Digital Assets, Zodia Custody, and Flow Traders.

The new platform is subject to registration with the U.K. Financial Conduct Authority (FCA).  It “will feature a wholesale electronic marketplace for spot crypto asset trading, including bitcoin and ethereum, as well as providing connectivity and post-trade infrastructure into a network of digital assets custodians,” the announcement details.

TP ICAP launched its digital asset business in 2019, enabling clients to trade crypto derivatives products.
Simon Forster, co-head of digital assets at TP ICAP, commented: “Client demand to trade spot crypto assets is significant and growing, with interest coming from our traditional customer base across the different asset classes we operate in.”

Flow Traders, which has been providing liquidity to crypto markets since 2016, will be one of the initial liquidity providers on this new platform.

Zodia Custody is a digital asset custodian for institutional investors, established by Standard Chartered Bank to address the need for a digital asset custodian that truly understands custody.

The announcement notes: “The platform has already started to onboard clients and will launch to the market in the second half of the year.”