TP ICAP Group, a world-leading provider of market infrastructure, announces that Fusion Digital Assets – its marketplace for spot cryptoassets – is now live and has successfully completed its first XBTUSD pairs trade with the associated settlement processed by Fidelity Digital Assets℠.

Fusion Digital Assets is a trading venue for institutional market participants only. The venue is distinctive because its segregated operational structure aligns with traditional financial markets rather than cryptoasset markets seen to date. This means that independent providers perform specific, segregated roles that cover trade execution, custody, and settlement.

The venue’s core elements include:

• 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^SM, 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; and
• Being operated by TP ICAP E&C Limited and registered with the FCA as a cryptoasset exchange provider.

 Fusion Digital Assets combines TP ICAP’s established expertise in operating venues and organising execution, with Fidelity Digital Assets^SM 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.

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.”

TP ICAP clients and partners commenting on the completion of the first trade include:

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.”

Source: TP ICAP

GMEX Technologies (“GMEX”), a subsidiary of GMEX Group, is pleased to announce that TP ICAP, the world’s largest interdealer broker, has gone live with its Fusion Digital Assets wholesale cryptoasset exchange, powered by GMEX trading and post trade technology. 

Fusion Digital Assets is a trading venue for institutional market participants only. It successfully registered as a cryptoasset exchange provider with the UK’s Financial Conduct Authority (FCA) in November 2022. The venue is distinctive because its segregated operational structure aligns with traditional financial markets rather than cryptoasset markets seen to date. This means that independent providers perform specific, segregated roles that cover trade execution, custody, and settlement. The venue features an electronic marketplace for spot cryptoasset trading, starting initially with Bitcoin and Ethereum.

The platform utilises the GMEX advanced exchange trading and market surveillance solutions and key components of the GMEX Fusion digital technology suite, which is deployed and trusted by multiple international regulated financial institutions.

In addition to the TP ICAP cryptoasset trading platform, with its integral high performance matching engine, GMEX is providing a new post trade platform connecting multiple digital asset custodians – such as Fidelity Digital Assets℠ – to facilitate credit checking, netting and settlement for all trading activity.

Duncan Trenholme, Co-Head of Digital Assets at TP ICAP, said: “Institutional demand to trade spot cryptoassets is significant and growing. Our partnership with GMEX, and resultant new Fusion Digital Assets platform, is a natural evolution in market structure that will make digital assets more accessible for wholesale market clients who want to be able to trade, invest and safely access this growing area of the market.”

Hirander Misra, CEO of GMEX Group and Chairman of GMEX Technologies, commented: “We are delighted to be working with TP ICAP and their partners on this exciting digital assets collaboration and look forward to continued traction and success for this great initiative.” He added, “This will lay strong foundations for the digital assets sector as the platform meets the increasing demand from institutional customers to access liquidity and trade spot cryptoassets, with the security that is provided by institutional grade prefunding and settlement by multiple custodians which is enabled by credible regulations.”

Simon Forster, Co-Head of Digital Assets at TP ICAP, added: “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.”

Source: GMEX