FalconX joins Fusion, TP ICAP’s FCA-registered crypto exchange

Rick Steves

“Bringing a player of FalconX’s pedigree onto Fusion Digital Assets is another step forward in the growth of our exchange. Our aim is to offer clients a unique liquidity experience in a secure environment.”

FalconX, recognized as the largest institutional digital asset prime broker and a CFTC-registered swap dealer, has partnered with Fusion Digital Assets, the FCA-registered UK-based cryptoasset exchange operated by TP ICAP.

The integration provides FalconX access to competitive pricing and liquidity from TP ICAP’s wholesale clients, uniting FalconX’s leading institutional crypto native franchise and institutional-grade custodial capabilities, supported by Fidelity Digital AssetsSM, with TP ICAP’s extensive experience and reputation in markets infrastructure and data solutions.

TP ICAP’s Fusion has been successfully onboarding leading names within the crypto industry to its exchange. In December 2023, Deltix’s CryptoCortex became a member.

The core elements of the venue include:

  • TP ICAP’s Fusion: A non-custodial crypto asset exchange for order matching and trade execution.
  • Fidelity Digital AssetsSM: Provides independent safekeeping and settlement services for client inventories.
  • An aggregation of liquidity from leading market makers and TP ICAP’s global client base.
  • Operation by TP ICAP E&C Limited, registered with the FCA as a crypto asset exchange provider.

“A unique liquidity experience in a secure environment”

Austin Reid, Global Head of Revenue and Business at FalconX, said: “Collaborating with Fusion Digital Assets is another significant step in our ongoing efforts to bridge traditional financial markets and the growing cryptoasset ecosystem. This will enhance liquidity for our clients and foster an environment that propels growth and innovation in the digital asset industry. It underscores our commitment to providing secure, efficient, and seamless access to the global digital asset market for our clients.”

Tom Flanagan, Global Head of Execution and Liquidity Management at TP ICAP Digital Assets, commented: “Bringing a player of FalconX’s pedigree onto Fusion Digital Assets is another step forward in the growth of our exchange. Our aim is to offer clients a unique liquidity experience in a secure environment. FalconX’s integration and support of Fusion Digital Assets advances our aim. We look forward to extending our diversified liquidity to FalconX and their franchise.”

Fusion’s trading venue for spot crypto was launched in May 2023 to much industry excitement.

FalconX offers swaps, options, NDFs settled against CF Benchmarks rates

Last year, FalconX released the only crypto derivatives offered by a CFTC-regulated swaps dealer, with contracts settled against indices administered by CF Benchmarks, the FCA-regulated cryptocurrency index provider.

The contracts offer regulated access to the crypto derivatives market, via swaps, options, and non-deliverable forwards (NDFs) that settle to single asset reference rates provided by CF Benchmarks.

The prime broker is backed by investors including Accel, Adams Street Partners, Altimeter Capital, American Express Ventures, B Capital, GIC, Lightspeed Venture Partners, Sapphire Ventures, Thoma Bravo, Tiger Global Management and Wellington Management.

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