TP ICAP, the world’s largest interdealer broker, has expanded its digital asset offering by adding BitGo and Komainu to its custody network. Hedge funds, investment banks, and large financial organisations use the company to facilitate trading.
Its next digital assets platform will include a wholesale electronic over-the-counter (OTC) marketplace for spot crypto asset trading, such as bitcoin and ethereum. BitGo and Komainu join Fidelity and Zodia on the platform, expanding the platform’s capabilities. The company intends to deploy the product with Fidelity first. TP ICAP is still waiting to be included in the Financial Conduct Authority’s (FCA) crypto asset register, as are many other companies. Its approval will influence when the service goes live in part.
Duncan Trenholme, TP ICAP’s co-head of digital assets, informed that he is cautiously optimistic that the company will be approved, given that the institution with which it has applied for a licence is already held to a “very high standard.” The move, according to Simon Forster, co-head of digital assets at TP ICAP, indicates institutional clients’ growing comfort with assets like ethereum and bitcoin. The move follows the company’s foray into crypto exchange traded products (ETPs) for its European clients earlier this year. These ETPs allow companies to obtain exposure to crypto assets without having to deal with them directly.
Duncan Trenholme, co-head of digital assets at TP ICAP, informed in January that TP ICAP has had a crypto working group since 2017 and that it initially supplied liquidity to its clients on CME crypto products in 2019.
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