Interdealer broker TP ICAP has gone live with its Fusion Digital Assets wholesale crypto exchange. The company has completed the first XBTUSD (Bitcoin to USD) pairs trade on the platform, with settlement processed by Fidelity Digital Assets.
The platform was approved as a cryptoasset exchange provider by the UK’s Financial Conduct Authority in November 2022. Its electronic marketplace will initially facilitate Bitcoin and Ethereum spot trading.
Exclusively designed for institutional market participants, Fusion Digital Assets uses GMEX Technologies’ (GMEX) exchange trading and market surveillance solutions alongside the GMEX Fusion digital technology suite.
The platform’s operational structure is aligned with traditional rather than cryptoasset markets. As such, independent providers can perform segregated roles across execution, custody and settlement.
GMEX is also developing a post-trade platform for digital asset custodians to allow for credit checking, netting and settlement of all trading activity.
Duncan Trenholme, co-head of digital assets at TP ICAP, says: “Institutional demand to trade spot cryptoassets is significant and growing. Our partnership with GMEX, and the new Fusion Digital Assets platform, is a natural evolution in market structure that will make digital assets more accessible for wholesale market clients who want to be able to trade, invest and safely access this growing area of the market.”
Hirander Misra, CEO of GMEX Group and chairman of GMEX Technologies, adds: “We are delighted to be working with TP ICAP and their partners on this exciting digital assets collaboration and look forward to continued traction and success for this great initiative.
“This will lay strong foundations for the digital assets sector as the platform meets the increasing demand from institutional customers to access liquidity and trade spot cryptoassets, with the security that is provided by institutional grade prefunding and settlement by multiple custodians, enabled by credible regulations.”
