TP ICAP to Roll out Crypto Trading Services for Institutions

Fazzaco learned that TP ICAP, the largest interdealer broker, has partnered with Fidelity Digital Asset, Standard Chartered's Zodia Custody and Flow Traders to roll out cryptocurrency spot trading services for institutions.

The platform will offer connectivity and post-trade infrastructure into a network of digital assets custodians. Fidelity and Zodia are two digital asset custodians already tapped for the service. Flow Traders is the only liquidity provider.

TP ICAP will also offer a separate execution and settlement for the crypto trading, which is a key requirement of institutional clients. The platforms will initially offer trading only with Bitcoin and later adding Ethereum too.

Earlier in May, Fazzaco reported that TP ICAP has posted its financial results for the first quarter of 2021, showing a YoY decline in revenues.