TP ICAP, the world's biggest interdealer broker, is launching a cryptocurrency trading platform with Fidelity Investments and Standard Chartered's digital assets custody unit, the consortium said on Tuesday.
Institutional investors have warmed to the crypto sector this year and the platform, which is due to launch in the second half of the year, will initially allow them to trade bitcoin, with second-largest token ether to be added later.TP ICAP, along with Fidelity Digital Assets and Zodia Custody, launched by the venture capital arm of Standard Chartered and Northern Trust in December, is seeking to make crypto trading akin to that of traditional assets like stocks, bonds and foreign exchange.
At present, crypto execution and custody services are usually rolled up in one venue, increasing credit risks. Amsterdam-based Flow Traders will provide liquidity to the platform. Still, the move is the latest endorsement of the sector by Standard Chartered, whose venture capital unit said earlier this month it will set up a separate crypto brokerage and exchange platform in Britain and Europe, with Hong Kong's BC Technology Group.
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