Fidelity continues with its crypto-focused endeavors by partnering with TP ICAP to enable the latter to release custodial services. Institutional investors will be able to employ the platform later this year to trade BTC, and future plans include adding ETH as well.
- Founded in 1971, TP ICAP Group is among the largest financial professional intermediaries with revenue of roughly $2,5 billion as of last year.
- As per a Reuters report, the organization has partnered with Fidelity’s cryptocurrency arm and Zodia custody – Standard Chartered’s VC branch – to enter the cryptocurrency space.
- As a result, the trio will provide institutional investors the option to trade and store Bitcoin (BTC). Additionally, they plan to add Ethereum (ETH) later.
- The new initiative will place cryptocurrency trading closer to interacting with more traditional assets like stocks, bonds, and foreign exchange.
- The statement explained that the platform will offer post-trade infrastructure containing a network of digital asset custodians. Separately, it will provide execution and settlement.
- Previously, TP ICAP tipped its toes in the digital asset space by offering new data and analytics services, but this is the first product providing crypto exposure for its institutional clients.
“Investor interest in this new asset class has exploded dramatically in the last six to eight months. In most of our conversations with clients, they want a separation of custodial roles from execution capabilities which is opposite to the models that exist currently.” – commented TP ICAP’s Co-Head of Digital Assets.
- According to another report from earlier this month, StanChart plans to release a cryptocurrency trading desk of its own later this year.
- On the other hand, Fidelity, through its cryptocurrency arm, has already launched several crypto-related products, including a Bitcoin Index Fund.