Today, TP ICAP marked a good day for crypto-related transactions on the timeline as they started offering client services to crypto-linked exchange-traded products. Not only that, but they also closed first of its kind trade with Goldman Sachs.
They are increasing their range of services for their clientele which caters to some of the biggest names in the market, such as Goldman Sachs, Flow Traders, and Jane Street.
At this point, the adoption of crypto is slow, but trading equity-linked products have significant benefits in that area. It makes it more secure, with much more liquidity, and thus, becomes more acceptable.
This step has been taken as the demand for crypto has recently risen in institutional clients. Moreover, Bank of America and Goldman Sachs are early adopters, making it a lucrative market deal for TP ICAP.
It may not be that much if we’re to talk profits or market size. But as soon as institutional money starts to reel into the segment, it’s expected to take a plunge very soon.
The next objective for TP ICAP would be to launch crypto-linked ETPs in the U.S. But there’s some time for that as they are more fixated on fulfilling their current objectives, focusing on the roll-out of over-the-counter (OTC) derivative products based on digital assets.
We’re very sure that this is the only initiation of the same. And in the coming time, more organizations will make this switch.
Goldman Sachs Comment On The Trade
When asked about the trade with TP ICAP, Max Minton, APAC Head of Digital Assets at Goldman Sachs, quoted the following.
“We are excited to work with firms like TP ICAP. As we continue to evolve our cash-settled cryptocurrency capabilities at Goldman Sachs. Institutional demand continues to grow significantly in this area. And this partnership will help us expand our capabilities to serve our clients.”