TP Icap Handles First Crypto Trade on Fusion

Six months after the platform was registered with the UK’s Financial Conduct Authority, TP Icap says the first cryptocurrency trade has been executed on its digital assets platform Fusion. The firm has previously executed crypto trades on its voice desk.

TP Icap says Fusion Digital Assets is now live and has successfully completed its first XBTUSD pairs trade with the associated settlement processed by Fidelity Digital Assets. The platform is aimed at institutional players only and the broking firm claims it 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 currently supports trading in Bitcoin and Ether against USD. Going forward, it says it will expand the assets it supports in line with client demand and add further custodians to develop a multi-custody model.

“We are excited to be live with Fusion Digital Assets, a solution we believe the market needs,” says Simon Forster, global co-head of digital assets at TP Icap Group. “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 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.”

Manuel Nordeste, head of European business development at Fidelity Digital Assets Europe, adds, “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.”

Meanwhile Philippe Bekhazi, founder and CEO of XBTO Global, says, “Today is a significant step forward in our mission to make digital assets a mainstream asset class.”