Market infrastructure provider TP ICAP announced today that it will launch a new wholesale trading platform for cryptocurrency assets. TP ICAP will work with Fidelity Digital Assets, Zodia Custody and Flow Traders.

The new platform needs to be registered with the Financial Conduct Authority of the United Kingdom and will have a wholesale electronic market for spot encrypted asset transactions, including Bitcoin and Ether, and provide digital asset networks with connections and post-transaction infrastructure custodians.

TP ICAP is working with leading crypto asset custodians Fidelity Digital Assets and Zodia Custody to ensure that customers have an independent and interoperable execution and settlement model, which is a key requirement for customers to enter this new asset class.

The two companies have worked together to develop a new trading model where customers will be able to obtain liquidity in TP ICAP, while their assets are still under the custody of the digital asset custodian of their choice, thereby providing the level of security that institutional investors expect. Fidelity Digital Assets and Zodia Custody will provide hosting services for the new platform.

TP ICAP launched its digital asset business in 2019, allowing customers to trade encrypted derivatives; this new spot market trading platform has significantly expanded the company’s product range.

According to the 2017 Money Laundering, Terrorist Financing and Fund Transfer (Payer Information) Regulations (MLR), TP ICAP needs to register the TP ICAP digital asset platform with the FCA. TP ICAP submitted this application to the FCA. The platform will only start after the registration process is complete.