TP ICAP Adds BitGo and Komainu to Its Digital Assets Platform Custody Network

TP ICAP, a leading provider of market infrastructure, is expanding its Digital Assets Platform custody network to include BitGo and Komainu, two market-leading cryptoasset custodians.

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The addition of BitGo and Komainu will provide clients with a greater choice of credible, trusted custodians, which is fundamental to both the TP ICAP model and the continued growth and adoption of this asset class. This segregated model – which enables clients to access TP ICAP's deep pools of global liquidity whilst their assets remain under custody at their preferred custodian – provides a robust and secure solution that institutional investors require to access the asset class. Komainu and BitGo will expand the supporting custody network and provide settlement services to the new platform.

TP ICAP's new Digital Assets Platform, which remains subject to registration with the UK Financial Conduct Authority, will feature a wholesale electronic Over The Counter (OTC) marketplace for spot cryptoasset trading, including Bitcoin and Ethereum.

The platform will additionally include post-trade infrastructure that provides straight through processing (STP) and payment netting services for executed trades into a network of digital asset custodians. Ahead of its launch, the platform has also confirmed Hudson River Trading, Susquehanna, Flow Traders, Jane Street and Virtu Financial as market makers.

Duncan Trenholme, Co-Head of Digital Assets at TP ICAP, said:"Adding established cryptoasset custodians of BitGo and Komainu's calibre marks another big step forward for our cryptoasset platform. Both market-leading custodians share our vision for the future of financial market infrastructure, and we look forward to working with them as we prepare the platform to go live."

Sebastian Widmann, Head of Strategy at Komainu, said:"We are excited to announce our commitment to TP ICAP in launching a wholesale trading venue for digital assets tailored to the needs of traditional financial services institutions."

"We are thrilled to announce our plans for BitGo to provide custody and settlement services to the TP ICAP wholesale trading venue for digital assets,"Darren Jordan, Managing Director at BitGo, said."We look forward to building and growing this network with TP ICAP and other network participants."