Interdealer broker TP Icap has won approval from the Financial Conduct Authority for the launch of a wholesale marketplace for spot cryptoassets.
The Fusion Digital Assets trading venue will provide institutional market participants with a liquid cryptoasset exchange for order matching and trade execution. Custodial services will initially be provided Fidelity Digital Assets.
Duncan Trenholme, co-head of digital assets at TP Icap Group, says: “Despite growing demand from our traditional client base, until now the wholesale digital assets market has lacked the credible infrastructure and assurance necessary for them to allocate capital. Fusion Digital Assets addresses this need. Its distinct attributes - namely a segregated model, TP ICAP’s track record of operating venues, and our means to distribute - are well recognised and trusted by institutional market participants.
“Over time, we believe blockchain will lead to the tokenisation of traditional asset classes. This will result in a more efficient, automated, and risk-mitigated trading and settlement process for financial markets. Fusion Digital Assets positions us well to grasp the opportunities that this change will bring.”