Crypto Updates

TP ICAP’s Institutional Crypto Exchange Finally Goes Live for Spot Trading


Digital Assets, TP ICAP’s crypto spot exchange for institutional investors initially targeted for
mid-2021 launch
, has finally gone live. The platform has successfully completed its
first Bitcoin/US dollar trading pair transaction, the top interdealer broker
said on Wednesday, noting that the trade was settled by one of its partners,
Fidelity Digital Assets.

The launch
of the enterprise-grade trading venue comes six months after TP ICAP secured a UK license to operate the exchange. However, the
financial market infrastructure and data solutions provider has been offering
crypto derivatives services since 2019.

The new
platform combines TP ICAP’s proprietary over-the-counter electronic platform,
Fusion, with the institutional-grade custodial expertise of Fidelity Digital
Assets. In addition to depending on TP ICAP’s order matching and trade execution
technology, the exchange also taps into the firm’s diverse liquidity from its global client base.

“The venue
currently supports trading in Bitcoin and Ether against USD,” TP ICAP said. “Going forward, it will expand the assets it supports in line with
client demand,’ the firm added, noting that the platform will further expand to
support “a multi-custody model”.

A Joint Project

Apart from
Fidelity Digital Assets, TP ICAP also onboarded several industry stakeholders
as partners and clients for the launch of Fusion Digital. They include liquidity provider,
Flow Traders; crypto liquidity provider and asset manager, XBTO Global; and
crypto asset trading and custody integration services provider, DLT

Finance Magnates previously reported that TP ICAP onboarded quantitative
trading firm Hudson River Trading
as a spot crypto market maker for the project. The London-listed company also previously
tapped Standard Chartered’s
Zodia Custody
. However,
these firms are not mentioned in the latest announcement.

“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,” said Manuel Nordeste, Head of European Business Development at
Fidelity Digital Assets Europe. “Our collective goal is to enable investors to
navigate this nascent asset class, execute trades, and custody their assets
with confidence.”

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