TP ICAP, the largest inter-dealer broker, enters the bitcoin derivatives market

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

The company will provide customers with the opportunity to buy and sell bitcoin futures through the Chicago Mercantile Exchange (CME). TP ICAP will also add support for settlement forwards based on the first cryptocurrency, soon making them available to residents of the United States and Asian countries. In addition, the company is considering the possibility of adding in the future support for the trade in altcoins and tokenized assets.

According to the company, the decision to support new financial instruments is due to the desire to improve the efficiency of the TP ICAP business model.

“Inter-dealer brokers have traditionally specialized in processing commercial transactions of banks. However, their volumes decreased after the financial crisis , ”notes Bloomberg.

To trade derivatives through TP ICAP, users need to be verified and comply with AML requirements.

“We want to get closer to what is happening with this nascent asset class, because we believe it is important to invest in the early stages of a growing market ,” said Duncan Trenholm, head of TP ICAP for digital assets.

Recall, the testing of deliverable bitcoin futures on the Bakkt platform starts on July 22 .

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