TradFi Giant TP ICAP Gains UK Crypto License
TP ICAP, the world’s largest interdealer-broker, has registered as a digital asset provider with the U.K.’s Financial Services Authority as it attempts to break into the crypto world via its Fusion Digital Assets marketplace.
The company, a giant in infrastructure for wholesale markets for traditional finance (TradFi), is working with custodian Fidelity Digital Assets to offer a platform to match orders and execute spot crypto trades.
“Until now the wholesale digital assets market has lacked the credible infrastructure and assurance necessary for [financial market players] to allocate capital,” Duncan Trenholme, co-head of digital assets at TP ICAP Group, said in a statement. “Over time, we believe blockchain will lead to the tokenization of traditional asset classes.”
Under its full name of Tullett Prebon (Europe) Ltd., the company has been on the FCA’s crypto company register since Nov. 21. The register attests compliance with money laundering regulations, while a fuller legal regime for crypto authorizations is considered by the U.K. Treasury.
In January, TP ICAP told CoinDesk it was offering clients such as investment banks the opportunity to trade crypto-linked products on exchanges.