Interdeal broker TP ICAP, who leads the initiative, hopes the platform will confirm that traditional financial institutions are beginning to acknowledge cryptocurrencies as relevant investment options for their customers. Clients are already being onboarded to the platform, which will launch in the second half of the year.

TP ICAP is currently seeking UK regulatory approval for the institutional-grade spot trading platform for digital currencies like Bitcoin and Ethereum.

Flow Traders will provide liquidity.

Andrew Polydor, TP ICAP’s global markets head, said: “This platform will provide our global client base with the trading infrastructure, connectivity, surveillance, and market standards they require as a minimum across traditional markets whilst also recognising the nuances of this new asset class. It leverages mature trading technology developed by our partners GMEX Technologies, to provide spot liquidity in digital assets as well as access to multiple custodians via a bespoke post-trade solution. These are key requirements for our institutional clients who want to be able to trade, invest and safely access this growing area of the market.”

Chris Tyrer, head of Fidelity’s European digital assets division, remarked, “Collaborating with industry leaders like TP ICAP to bring to market innovative solutions that strengthen the digital assets ecosystem is critical to enabling even more institutional participation. With this new infrastructure, we’re addressing one of the frictions in the investor experience that’s unique to this nascent asset class. Now, investors can more confidently execute trades knowing their assets remain still and secure in our custody.”

Zodia Custody is part of Standard Chartered’s innovation arm and expects to launch in the second half of 2021.