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TP ICAP enters crypto derivatives market

  • Large inter-dealer will support  transactions with cryptocurrency derivatives.
  • The customers will need to go through the verification process.

British inter-dealer broker TP ICAP will serve as an intermediary in transactions with cryptocurrency derivatives,  Bloomberg reports.

The company will allow customers buying and selling bitcoin futures on the Chicago Mercantile Exchange (CME). Apart from that, TP ICAP  also plans to add support for Bitcoin forward contracts settlement. TYhe new instruments will soon become available for the residents of the United States and Asian countries. Also, the company may include support for altcoins and tokenized assets in future.

The company decided to add support for the new financial instruments with the aim to improve the efficiency of the TP ICAP business model.

“Every institution is on an educational journey. Many are exploring how tokens can legitimately be traded or stored and I’d expect more projects to hit the market over the next year or two,” Trenholme, co-head of digital asset markets, said in an interview cited by Bloomberg.  

To trade derivatives through TP ICAP, users will have to pass a verification procedure and comply with AML (anti-money laundering) requirements.

“We want to be close to what’s happening within this nascent asset class because we believe it’s important to invest in the early stages of a growing market,” Forster added. “TP ICAP also understands that this technology could disrupt or impact other asset classes where we currently operate, so we feel it’s important to be informed.”

Earlier, we reported that Bakkt platform will start testing its deliverable bitcoin futures on July 22.
 

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