Fusion Digital Assets, a wholesale exchange for crypto assets run by the TP ICAP group, has been registered with the UK Financial Conduct Authority (FCA).
The traditional financial giant has decided to break into the world of cryptocurrency and digital assets. In doing so, it set up an exchange for executing cryptocurrency trades. The exchange is only open to institutional market participants, not retailers.
Duncan Trenholme, Co-Head of Digital Assets at TP ICAP Group, commented on the expansion, saying:
“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 recognized and trusted by institutional market participants.
“Over time, we believe blockchain will lead to the tokenization 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.”
Fusion Digital Assets, as a subsidiary, will leverage TP ICAP’s expertise and organizing execution to build the firm to a standard. The firm will be operated by Tullett Prebon (Europe) Limited. They are committed to supporting a multi-custody model and are working closely with custodians to keep track of financial securities and records. The company currently offers a range of crypto asset Exchange Traded Funds (ETFs) and Exchange Traded Commodities (ETCs) and is ready to serve TP ICAP’s client base.
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