Fidelity and Standard Chartered Support Cryptocurrency Platform

The TP ICAP Group Plc intends to launch a cryptocurrency platform for institutions to expand its presence in the volatile market. The London-based brokerage, which introduced Bitcoin futures in 2019, announced it is working with Fidelity Digital Assets and Zodia Custody, a subsidiary of Standard Chartered, to provide execution and settlement for cryptocurrency trades. Simon Forster, co-head of digital assets at TP ICAP, stated in an email: "Many of our clients have been prevented from accessing the crypto asset markets due to current infrastructure constraints, as most platforms require pre-funding and act as custodians." He added, "This presents challenges from a conflict of interest perspective and leads to liquidity fragmentation." The brokerage noted that the platform has started onboarding clients and will begin operations in the second half of the year with liquidity providers including Flow Traders. The launch of the platform represents the latest effort by Standard Chartered to enter the cryptocurrency space, having formed a partnership with BC Technology Group Ltd, an investment firm based in Hong Kong specializing in digital assets, earlier in June. Banks around the world are competing to find the best ways to meet the needs of clients seeking to trade this new category of unpredictable assets. According to Reuters, both Standard Chartered and Fidelity have not invested in the new platform.