Brokerage giant TP ICAP will launch a cryptocurrency trading platform in partnership with Fidelity Investments and Standard Chartered later this year, Reuters reports.
It is currently awaiting approval from the Financial Conduct Authority (FCA).
The new platform will carry out trade execution and settlement separately, thus reducing risks for institutional players.Duncan Trenholme, co-head of digital asset markets at ICAP, claims that investor interest in the fledgling asset class has “exploded”:
Investor interest in this new asset class has exploded dramatically in the last six to eight months.
From the get-go, Bitcoin will be the only available cryptocurrency. Ether, the second-largest crypto, will be added after the launch.
Earlier this month, Standard Chartered announced that it was intending to roll out its own crypto exchange and brokerage service.