TP ICAP's Institutional Crypto Spot Exchange Finally Goes Live

TP ICAP, a diversified global markets infrastructure and data solutions provider, announced on Wednesday the official launch of its institutional marketplace for spot cryptoassets, Fusion Digital Assets. The new offering was originally scheduled for release last year in mid-2021.

About six months ago, Fusion Digital Assets has successfully registered as a cryptoasset exchange provider with the UK's financial regulator​, Financial Conduct Authority (FCA).

Fusion Digital Assets combines TP ICAP's established expertise in operating venues and organising execution, with Fidelity Digital Assets institutional-grade custodial capabilities, and diversified liquidity from TP ICAP's global client base. It has successfully completed its first XBTUSD pairs trade, which was settled by Fidelity Digital Assets.

Currently, the platform supports trading in Bitcoin and Ether against USD, and plans to introduce new assets to cater to customer demand. Besides, the marketplace is intended to add more custodians to build a multi-custody model.

"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," said Simon Forster, Global Co-Head of Digital Assets at TP ICAP Group. "Add TP ICAP's 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."