Interdealer broker TP Icap has received approval from the Financial Conduct Authority to launch a wholesale marketplace for spot cryptoassets.
The Fusion Digital Assets trading venue aims to provide institutional market participants with a liquid exchange for order matching and trade execution. Initially, custodial services will be offered by Fidelity Digital Assets.
Duncan Trenholme, co-head of digital assets at TP Icap Group, commented, “Despite the increasing demand from our traditional client base, the wholesale digital assets market has struggled with a lack of credible infrastructure and assurance for capital allocation. Fusion Digital Assets addresses this gap. Its distinct features—a segregated model, TP ICAP’s proven track record in operating venues, and our distribution capabilities—are well recognized and trusted by institutional investors.”
He added, “We believe that over time, blockchain technology will facilitate the tokenization of traditional asset classes, leading to a more efficient, automated, and risk-mitigated trading and settlement process in financial markets. Fusion Digital Assets positions us to capitalize on the opportunities arising from this transformation.”