Fusion Digital Assets: TP ICAP goes live with trading venue for spot Crypto
“Combining independent and segregated custody with an FCA-registered cryptoasset exchange helps to shape the future of cryptoasset market infrastructure. Add TP ICAPs liquidity and distribution capabilities and we are uniquely positioned to service clients’ needs.”
TP ICAP Group has gone live with Fusion Digital Assets, its marketplace for spot crypto assets offered exclusively to institutional market participants.
The trading venue is distinctive because its segregated operational structure aligns with traditional financial markets rather than crypto asset markets seen to date, which means that independent providers perform specific, segregated roles that cover trade execution, custody, and settlement.
The launch of Fusion Digital Assets saw the successful completion of its first XBTUSD pairs trade with the associated settlement processed by Fidelity Digital Assets.
Fusion Digital Assets is an FCA-registered cryptoasset exchange provider
TP ICAP’s trading venue for cryptoassets is a proprietary platform offering non-custodial exchange for order matching and trade execution, where custody is ensured by Fidelity Digital Assets, and its deep liquidity is sourced from TP ICAP’s client base of market makers. Here are the core elements:
Fusion – TP ICAP’s proprietary, award-winning electronic platform – provides clients with a non-custodial cryptoasset exchange for order matching and trade execution;
Fidelity Digital Assets, an industry-leading custodian, provides independent safe keeping of clients’ inventories and settlement services through a segregated model;
An anonymous aggregation of streaming liquidity from world-leading market makers and uncorrelated liquidity from TP ICAP’s global client base;
Operated by TP ICAP E&C Limited and registered with the FCA as a cryptoasset exchange provider.
Combining segregated custody with an FCA-registered cryptoasset exchange
Simon Forster, Global Co-Head of Digital Assets at TP ICAP Group, said: “We are excited to be live with Fusion Digital Assets, a solution we believe the market needs. The venue provides the fundamental operational structure and governing principles that clients recognise and expect, but which have been largely missing from the market until now.
“Combining independent and segregated custody with an FCA-registered cryptoasset exchange helps to shape the future of cryptoasset market infrastructure. Add TP ICAPs liquidity and distribution capabilities and we are uniquely positioned to service clients’ needs. The first live trade is another milestone for our business, and we look forward to enhancing product functionality from here.”
Manuel Nordeste, Head of European Business Development, Fidelity Digital Assets Europe, said: “Today is a further milestone in our collaboration with TP ICAP and the evolution of the digital assets ecosystem to enable even more participation from institutional investors. Our collective goal is to enable investors to navigate this nascent asset class, execute trades, and custody their assets with confidence.”
Mike Kuehnel, CEO, Flow Traders, said: “Flow Traders is a strong supporter of developments that enhance the institutional digital assets infrastructure, promoting efficient markets and best practices. We acknowledge this pioneering approach and are pleased to partner with TP ICAP to develop this next generation marketplace for digital assets. We are looking forward to advancing this project and our partnership further.”
Philippe Bekhazi, Founder and CEO of XBTO Global, said: “Our liquidity partnership with TP ICAP combines our expertise in the digital assets space with TP ICAP’s deep knowledge of traditional financial markets. Together we are offering clients new ways to access institutional liquidity and execution services. Today is a significant step forward in our mission to make digital assets a mainstream asset class.”
Roger Wurzel, Head of Trading, DLT Finance, said: “As a leading BaFin-regulated digital asset-focused securities trading bank and custodian, we are excited to work with TP ICAP. Their unwavering commitment to regulatory compliant trading ensures a secure and trustworthy platform for institutional investors to access and navigate the digital asset market. Together with TP ICAP, we contribute to the growth of the institutional digital asset ecosystem, delivering exceptional solutions to our valued clients.”
Fusion Digital Assets combines TP ICAP’s established expertise in operating venues and organising execution, with Fidelity Digital AssetsSM institutional-grade custodial capabilities, and diversified liquidity from TP ICAPs global client base.
The venue currently supports trading in Bitcoin and Ether against USD. Going forward, it will expand the assets it supports in line with client demand. It will also add further custodians to develop a multi-custody model.
TP ICAP’s Digital Assets team, co-headed by Duncan Trenholme and Simon Forster, has been providing price discovery and execution services across listed Bitcoin and Ether Futures and Options since 2019. The team also covers crypto ETFs and ETCs. Cryptoasset Over-The-Counter (OTC) derivatives are expected to follow in 2023.
