英 TP ICAP Launches Cryptocurrency Trading Platform for Institutional Clients

Institutional Investor-Only Platform for Hedge Funds and Investment Banks

[Asia Economy Reporter Yujin Cho] British financial intermediary TP ICAP plans to create a cryptocurrency trading platform for institutional investors in collaboration with Fidelity and the venture investment organization under Standard Chartered (SC), Bloomberg reported on the 29th (local time).

According to the report, TP ICAP is awaiting approval from the UK financial authorities to launch a cryptocurrency trading platform together with Fidelity Digital Assets, Zodia Custody, and others.

The platform aims to start operations in the second half of this year, providing a platform where European institutional investors such as hedge funds and investment banks can trade cryptocurrencies.

TP ICAP plans to initially start with Bitcoin and gradually expand the range of tradable assets to include Ethereum and others.

TP ICAP previously launched Bitcoin futures and options through the Chicago Mercantile Exchange (CME) in 2019.

Duncan Trenholm, co-head of TP ICAP's digital assets division, explained the business rationale by stating, "Investor interest in cryptocurrencies has exploded," while clarifying that Fidelity and Standard Chartered are not participating by investing directly in the platform.

Business Insider interpreted this move as "a sign that institutional interest in cryptocurrencies is increasing despite the recent decline in Bitcoin prices."

Earlier, SC Ventures, the venture investment organization under Standard Chartered, announced earlier this month that it would jointly create a cryptocurrency trading platform in the UK and Europe with BC Technology Group, a Hong Kong-based cryptocurrency exchange operator.

This content was produced with the assistance of AI translation services.