London-based broker TP ICAP Group, has revealed that its marketplace for spot cryptoassets, Fusion Digital Assets is now live. According to the official announcement, the crypto exchange has completed its first XBTUSD pairs trade.
Fusion Digital Assets is designed specifically for institutional market participants. The resembles traditional financial markets rather than the typical cryptoasset markets. In this structure, independent providers assume distinct and segregated roles encompassing trade execution, custody, and settlement functions.
The launch of the trading venue follows the acquisition of UK license to operate the exchange in December last year.
The newly introduced platform combines TP ICAP’s in-house over-the-counter electronic platform, Fusion, with the institutional-grade custodial expertise of Fidelity Digital Assets. Leveraging TP ICAP’s order matching and trade execution technology, the exchange benefits from the extensive liquidity derived from the firm’s diverse global client base.
At present, the venue offers trading in Bitcoin and Ether against USD, but TP ICAP plans to expand the supported assets based on client demand. The firm also intends to adopt a multi-custody model as part of the platform’s future expansion.
TP ICAP has collaborated with several industry stakeholders as partners and clients for the launch of Fusion Digital, including Fidelity Digital Assets, who processed the associated settlement of the exchange’s first trade. The other stakeholders comprise liquidity provider Flow Traders, crypto liquidity provider and asset manager XBTO Global, and crypto asset trading and custody integration services provider DLT Finance.
TP ICAP added quantitative trading firm Hudson River Trading as crypto market maker for its Digital Assets Spot platform earlier in March.
Simon Forster, Global Co-Head of Digital Assets at TP ICAP Group, said:
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.
Manuel Nordeste, Head of European Business Development, Fidelity Digital Assets℠ Europe, added:
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.
