Britannia acquires Alphaplate to offer execution, custody, payments, OTC services in Crypto

Rick Steves

It was in September 2021 that FCA-regulated broker Britannia Global Markets Limited (formerly Destek Markets) announced the launch of its own prime brokerage unit.

Britannia Financial Group has acquired Alphaplate Ltd, a proprietary technology firm specializing in cryptocurrency trading that operates a systematic, quantitative market-maker predominately on top tier exchanges.

The deal will allow Britannia to provide its clients access to Execution, Custody, OTC services, Payments and Asset Management across the digital assets market.

Mark Bruce, Head of Strategy for Britannia Financial Group, commented: “With over $100 billion traded daily on the global crypto markets, it is an increasingly important asset class to many of our clients, who are looking for access to this rapidly emerging asset class. Following this acquisition, Britannia will be an early adopter amongst financial institutions to be able to offer its clients an end-to-end crypto trading offering. Our strength and agility as a privately owned group, has allowed Britannia to quickly respond to market developments and offer clients new services, disrupting the traditional banking sector.”

Alphaplate experience comes from GSA, XTX Markets, Renaissance

The Alphaplate team will largely remain in place as they bring with them proven execution capabilities alongside a robust risk management system.

The team consists of Jan I Strømme, who previously held senior positions at GSA Capital Partners and XTX Markets; Chao Li, a Quant Trader with over 10 years in banking and crypto; and Dan Timofte a full stack software engineer. Robert Crenian, former CEO of Europe for Renaissance Technologies will remain as an advisor.

Britannia – former Destek Markets – offers broking, clearing, trading of FX, bullion, NDFs

It was in September 2021 that FCA-regulated broker Britannia Global Markets Limited (formerly Destek Markets) announced the launch of its own prime brokerage unit in an effort to capitalize on the decline of banks’ traditional dominance in the multi-billion market.

Britannia Prime’s offering involves a blend of broking, clearing and trading services to investment clients, typically hedge funds, family offices and other buy-side institutions. More specifically, institutional clients will have access to FX, bullion & NDF markets utilising BGM’s relationships with liquidity providers and harmonization with its banking operations.

The new unit caters to a client segment that has been experiencing challenges accessing the wholesale price matching community via a prime brokerage model‎, which is typically capital intensive. ‎

Britannia’s version of the lucrative leveraged prime brokerage model will enable businesses of all sizes to access markets using GUI or API from a technology provider of their choice. The available options are Britannia Navigate (powered by Flextrade systems), Lume FX and PrimeXM. BGM will continue to offer voice execution across both currency and options instruments.

Read this next

Retail FX

CySEC slaps €150,000 fine on FXBFI, operator of 101investing brand

The Cyprus Securities and Exchange Commission (CySEC) today announced that it has reached a settlement with FXBFI Broker Financial Invest Ltd, trading as 101investing, ordering the firm to pay €150,000 for violating the Investment Services and Activities and Regulated Markets Law.

Retail FX

X Open Hub expands multi-asset offering with new cryptocurrencies and indices

X Open Hub, a multi-asset liquidity provider, announced today that it has extended its offering with inclusion of 30 new cryptocurrencies and two emerging market indices.

Retail FX

Interactive Brokers now offers 24/7 access to crypto trading

Interactive Brokers Group, Inc. (NASDAQ: IBKR) has widened access to cryptocurrency trading for its clients. Specifically, the discount broker extended trading hours for its cryptocurrency products to be traded 24/7, including on the weekends.

Inside View

Natural Language Generation for Multi-Language Social Media Strategies 

Natural Language Generation (NLG) is a crucial growth area in the digital landscape, with the unique potential to be used across multiple industries.

Market News, Technology

The B2Core Android App is Now Available For Download

The first version of the B2Core Android app is available for download, and it has many beneficial features for users.

Digital Assets

XBO taps custodian Fireblocks ahead of crypto exchange’s launch

XBO.com has integrated with digital asset and crypto technology platform Fireblocks ahead of the crypto exchange’s upcoming launch.

Industry News

Appital raises another £1.7m after integrating with FactSet, FlexTrade, and TS Imagine

“Appital has a proven track record in securing partnerships with major EMS providers, executing brokers and a trading venue to address the lack of efficiency and control over existing bookbuilding and deal distribution processes.”

Digital Assets

Tim Draper backs crypto-focused asset manager OSD in seed round

“The Old Street Digital team is well-positioned to provide access to a range of research-backed, crypto-based investment funds, and we at Draper Associates are excited to support them.”

Industry News

Swissquote launches mobile payments app TWINT

Swissquote has announced the launch of its own TWINT mobile payment app, effective today.

<