Business Giants Form an Alliance for Establishing a Joint Crypto Exchange

An alliance has been formed amongst TP ICAP, Fidelity, and the Standard Chartered Bank for the purpose of establishment of a crypto trading platform. The platform will promote spot trading and provide for after-trade arrangements and connectivity within the prominent blockchain networks.

It has been announced by TP ICAP that the company will soon be launching a platform that will provide crypto trading services.

TP ICAP is a company famous for and involved in the business of creating market roadmaps and infrastructures. The company also told that for the purposes of introducing the crypto trade platform, an alliance has been formed. Within this alliance, there are members such as TP ICPA and also includes business giants like Fidelity, Standard Chartered, Flow Traders, and Zodia Custody.

All the parties to the alliance have agreed to establish a crypto trading platform in the jurisdiction of the United Kingdom. Similarly, licenses and permits that are required for the establishment of a crypto trading firm, have been submitted before the UK authority. Financial Conduct Authority (FCA) of the UK is the relevant authority that grants such permissions and licenses. It is also the sole authority that monitors and supervises financial, business as well as the crypto-asset industry.

FCA is an independent authority which though is a governmental arm but acts totally independent from the British Government. FCA has also confirmed that the alliance has reached the authority for the registration of a crypto trading platform. However, the applications and documents are still under scrutiny which will take a certain amount of time. After the documents are duly considered, and, if there are no discrepancies, then the permissions and licenses will be sanctioned.

As regards the future crypto trading platform, TP ICAP said that the platform is going to be an online marketplace. Through this marketplace, customers would be facilitated in their crypto trading pursuits. For instance, the platform will exclusively provide for spot trading therefore customers willing to spot trading will be facilitated. All the major cryptocurrencies, including Ethereum and Bitcoin, would be available for trading at the proposed platform. In addition, the platform will render after-sales/trading services to the services. It will also bridge interaction between the platform’s own network with the world’s leading blockchain networks.

Apart from the other partners of the alliance, only TP ICAP is one that is already part of the crypto industry. The company had successfully launched a crypto derivative three years ago in 2019. Since then TP ICAP has developed a reputation of being one of the best crypto derivatives in the world.

On the occasion, the head of TP ICAP, Simon Foster stated that their customers were demanding them to provide for spot trading. He said that the demands of the customers have been fulfilled and that too in the best way possible.