TP ICAP adds BitGO and Komainu to upcoming Digital Assets Platform as custodians

Rick Steves

The post-trade custody network will allow TP ICAP to match trades between customers who use different custodians and settle in an automated manner between the different participant custodians.

TP ICAP has expanded Digital Assets Platform custody network to include crypto custodians BitGo and Komainu, the provider of market infrastructure announced.

The move brings a greater choice of credible, trusted custodians to the network, which is fundamental to both the TP ICAP model and the continued growth and adoption of this asset class.

TP ICAP operates under a segregated model in which clients can access its deep pools of global liquidity whilst having their assets under custody at their preferred custodian. The model provides a robust and secure solution that institutional investors require to access the asset class.

Komainu and BitGo will expand the supporting custody network and provide settlement services to the new platform.

An automated post-trade custody network

Duncan Trenholme, Co-Head of Digital Assets at TP ICAP, said: “Developing a robust and automated post-trade custody network, whilst providing our clients with choice over where they store their assets, has always been a core feature of our spot platform and a key differentiator for our market model. Adding established cryptoasset custodians of BitGo and Komainu’s calibre marks another big step forward for our cryptoasset platform. Both market-leading custodians share our vision for the future of financial market infrastructure, and we look forward to working with them as we prepare the platform to go live.”

Sebastian Widmann, Head of Strategy at Komainu, said: “We are excited to announce our commitment to TP ICAP in launching a wholesale trading venue for digital assets tailored to the needs of traditional financial services institutions. Whilst we are seeing increased interest in digital assets, there are still various challenges limiting institutional adoption, including in the way new market entrants gain initial exposure and source liquidity of digital assets, which TP ICAP is addressing. We look forward to collaborating with the entire working group to enable a next-generation custodial settlement network, allowing our clients to seamlessly trade and settle directly out of custody.”

Darren Jordan, Managing Director at BitGo, said: “We are thrilled to announce our plans for BitGo to provide custody and settlement services to the TP ICAP wholesale trading venue for digital assets. BitGo, built on its pioneering signature technology, is the gold standard for institutions demanding the highest-level of security and compliance for their digital assets. We believe to further the adoption of this asset class, there needs to be industry collaboration to establish the trading and settlement network for the future of finance. We look forward to building and growing this network with TP ICAP and other network participants.”

TP ICAP’s Digital Assets Platform remains subject to registration with the UK Financial Conduct Authority, but will feature a wholesale electronic Over The Counter (OTC) marketplace for spot cryptoasset trading, including Bitcoin and Ethereum.

The platform will additionally include post-trade infrastructure that provides straight through processing (STP) and payment netting services for executed trades into a network of digital asset custodians.

The platform has also confirmed Hudson River Trading, Susquehanna, Flow Traders, Jane Street and Virtu Financial as market makers.

TP ICAP established an Inter-Custodial Settlement Protocol (ICSP) Working Group that has been active since October 2020, which includes Fidelity Digital AssetsSM and Zodia Custody. BitGo and Komainu have joined the club.

The post-trade custody network will allow TP ICAP to match trades between customers who use different custodians and settle in an automated manner between the different participant custodians.

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