TP ICAP, a global firm of professional intermediaries that runs financial, energy and commodities markets will collaborate with Fidelity Investments and Standard Chartered to start a cryptocurrency exchange platform. According to Reuters Tuesday reports, the new crypto platform will kick-start anytime within the third or fourth quarter of this year. As a startup, the forum will only allow Bitcoin trading but will offer opportunity for customers to transact with other altcoins in the future.
The TP ICAP’s crypto exchange forum will be distinguished from many crypto firms because it will give post trade services and at the same time provide custodianship to the digital holdings of their clients. The exchange forum will provide its custodianship services with Zodia custody, an institutional-grade solution employed for cryptocurrencies custodianship, launched in December last year by Standard Chartered.
The crypto exchange forum is yet to be approved by the financial supervisory body of the United Kingdom, that is the Financial Conduct Authority. Duncan Trenholme, a top executive of TP ICAP, stated that there has been a noticeable rise in the Clamour by investors to have the economic status of crypto elevated. It is a call for the upgrade of cryptocurrencies to a category of investable assets. TP ICAP has in time past been actively involved with cryptocurrencies. In June 2019, the company started crypto derivatives trading which offered new opportunities to their clients.
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