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A Bitcoin Exchange to Be Launched by TP ICAP

As per the latest reports, TP ICAP has announced that it is in the process of launching a trading platform for cryptocurrencies. The firm has revealed that it has the backing and support of two major firms in order to execute the launch.

The major global interdealer broker has announced that it has the support of Standard Chartered, a British banking giant, and Fidelity Investments.

TP ICAP has revealed that it is planning to launch the cryptocurrency exchange in the third or fourth quarter of 2021. According to TP ICAP, when the cryptocurrency exchange is launched, it would offer services for trading in Bitcoin (BTC). The firm has made it clear that initially, Bitcoin would be the exclusive cryptocurrency it would offer for trading.

The information has been shared by Reuters, one of the most prominent and authentic information gathering and reporting firms. The firm has revealed on Tuesday, June 29 2021 that TP ICAP plans on adding more cryptocurrencies in the future once the platform has been launched.

Some of the cryptocurrencies that the platform is aiming to launch after the initial launch of Bitcoin include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Binance Coin (BNB) among others.

TP ICAP has also talked about the way it will be providing services to its users once launched. The firm has revealed that it will be offering its users the ability to offer cryptocurrency trading services through the post-trade infrastructure.

The post-trade infrastructure would be accompanied by the custodians of digital assets. Furthermore, the platform would offer settlements and executions, with the intention of cutting risks for credit.

TP ICAP has revealed that it will be using Zodia custody, which is a digital assets custody unit powered by Standard Chartered. Zodia custody is a custody solution launched for cryptocurrencies back in December of 2020 and is considered institutional-grade.

In addition to the above, the liquidity provider for the platform would be Flow Traders, which is a market maker based in Amsterdam.

As the firm is planning to launch the services in the United Kingdom, it first needs approval from the financial regulator in the country. The reports suggest that TP ICAP has already filed a request at the Financial Conduct Authority (FCA) for approval.

TP ICAP is now awaiting approval from the financial regulator and once the approval is given, it would proceed with launching its operations.

When it comes to investing in TP ICAP’s cryptocurrency exchange, reports are that neither of the firms has made any investments in it. This means that both platforms would be providing their technology and support to TP ICAP but Fidelity Investments and Standard Chartered would not be making any investments in it.

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