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 cryptoasset 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 cryptoassets 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.