TP ICAP Dives into Crypto by Launching its Cryptocurrency Trading Platform
World’s biggest inter-deal broker, TP ICAP is set to launch its cryptocurrency trading platform. Reuters revealed that the launch will be done in collaboration with Fidelity Investments and Standard chartered before the end of the year once the Financial Conduct Authority (FCA) approves it.
TP ICAP’s crypto trading platform is mainly targeted at institutional investors and traders to help them reduce risks when executing trades and settlements. ICAP’s co-head of digital asset markets, Duncan Trenholme, asserts that there is an explosion of interest in the nascent virtual asset industry. “There has been an explosion of interest in this asset class within the last half a year”
On the launch date, the only cryptocurrency available will be bitcoin. Ethereum (the second-largest digital currency by market cap) will be added soon after the launch. Earlier in the month, standard chartered revealed that it would soon launch its crypto brokerage services.
Within that same period, CNBC reported that the top e-trading firm, Interactive Brokers, will start allowing digital currency trading latest by august this year. It is worth noting that customers of interactive brokers were already allowed to trade bitcoin futures before now.
The question now is, will fidelity and Charles Schwab (the biggest competitors for interactive brokers and ICAP) follow in the footsteps of their competitors?
Moonpay Acquires Major Stake in BCB Group
Digital currency payment solution provider, MoonPay is now a major owner in the BCB Group, Europe’s top business accounts, and trading services provider. The move is to help Moonpay and BCB group expand their services to more geographical regions as they will now have a combined client database.
BCB group offers payments and accounts processing for industry giants such as Kraken, Huobi, Gemini, Galaxy, Coinbase, and Bitstamp. MoonPay was able to invest in the BCB group when the latter sought funding for various new initiatives that can help their private wealthy clients invest in bitcoin in the form of treasury assets, BCB yield accounts, or as BCB wealth partners.
MoonPay’s payment solutions have processed more than 1 million transactions in over 165 countries both in cryptocurrencies and fiat currencies. They have over 260 partners such as ZenGo, Trust Wallet, and bitcoin. Recently, Moonpay’s community got bigger with the additions of Binance Smart Chain Assets, Binance Dex, BNB, and BUSD Assets.
Ethereum’s Native Token Pumps
Meanwhile, Santiment’s analytics reveal that Ethereum has now made history by exceeding bitcoin in address activities. Hence, it may be a sign that the second-largest cryptocurrency is set to become the first. The news caused a 6% rise to in $eth and now trades at about $2,200.
Santiment Analytics Tweet. Source: Twitter
Despite the top two cryptocurrencies struggling with declining prices in recent times, bitcoin’s address activity has also been plummeting. Crypto analysts opine that the London upgrade and the EIP-1559 implementation might cause Ethereum to break out eventually.
This news will be music to the ears of Ethereum fans as most of them believe it has what it takes to be the leading cryptocurrency.
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