TP ICAP has successfully registered its Fusion platform as a wholesale crypto asset exchange with the UK’s Financial Conduct Authority.

The platform is an institutional trading venue only and is made up of three units, its OTC electronic platform Fusion, its custodian Fidelity Digital Assets and its diversified liquidity streaming service Diversified Liquidity. The platform is committed to a multi-custody model and TP ICAP confirmed other firms would be onboarded in this capacity in the coming years in line with client demand.

TP ICAP said this segregated model sets it apart from other platforms in this space and will help it to address issues within current crypto asset infrastructure.

“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,” said Duncan Trenholme, co-head of digital assets at TP ICAP Group.

“Over time, we believe blockchain will lead to the tokenisation 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.”

The platform has received backing from several market makers in the lead up to its regulatory approval including Susquehanna, Virtu Financial, Flow Traders, Hudson River Trading and Jane Street.