TP Icap Gets FCA Nod for Digital Assets Exchange

TP Icap has announced that Fusion Digital Assets, it wholesale cryptoasset marketplace, has successfully registered with the UK’s Financial Conduct Authority (FCA) as a cryptoasset exchange provider.

The platform, which will be operated by Tullett Prebon (Europe) is based upon the firm’s Fusion OTC platform, with Fidelity Digital Assets providing custody, and was first announced in July 2021. The firm says it remains committed to supporting a multi-custody model, and is working closely with several custodians to provide segregated interoperable custody services to its client base. These custodians are scheduled to come online over the coming years, in line with client demand and prioritisation, it adds.

“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,” says Duncan Trenholme, co-head of digital assets at TP Icap Group. “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,” he continues. “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.”