Standard Chartered designated custodian for TP ICAP’s Fusion Digital Assets
Standard Chartered has been appointed as digital asset custodian and clearing agent for TP ICAP’s Fusion Digital Assets platform, deepening a collaboration first announced in October 2024.
This move will support TP ICAP in expanding principal matching trading of spot crypto assets and is a major operational step for both companies.
Fusion Digital Assets is operated by TP ICAP E&C Limited and is registered with the Financial Conduct Authority for crypto asset activity, allowing institutional investors to trade digital assets on a UK regulated exchange.
The new arrangement will give shared clients access to Standard Chartered’s regulated digital asset custody services alongside Fusion Digital Assets’ trading infrastructure.
The timing of this appointment coincides with Fusion Digital Assets’ transition to a matched principal model. Under this structure, TP ICAP acts as a counterparty on both sides of any transaction and requires robust internal clearing and custody capabilities.
This model eliminates customer up-front funding requirements, enables post-execution settlement, and uses multilateral netting to reduce total settlement volume and improve operational efficiency.
This custody arrangement is client-agnostic, allowing counterparties to deliver assets from their preferred custodian rather than requiring Standard Chartered.
Margaret Harwood-Jones, Global Head of Financial and Securities Services at Standard Chartered, said: “We are delighted to deepen our collaboration with TP ICAP and strengthen our shared vision of bridging traditional and digital finance. Our custody and payments solutions will enable TP ICAP to securely and efficiently scale its matched principal activities and meet growing demand from institutional investors.”
TP ICAP Managing Director and Global Co-Head of Digital Assets Duncan Trenholm said this milestone was an important step in the company’s digital asset strategy. “Standard Chartered’s support will enable us to settle blockchain-based assets through our own accounts for the first time, allowing us to offer a wider range of on-chain assets and execution services to our clients,” he said.
Standard Chartered and B2C2 partners
Earlier this year, Standard Chartered and B2C2 announced a strategic partnership to enhance institutional access to the cryptocurrency market.
The partnership combines Standard Chartered’s global banking infrastructure with B2C2 liquidity across spot and options trading, enabling asset managers, hedge funds, corporates and family offices to connect directly to regulated banking and payment services.
The partnership aims to streamline fiat-to-crypto transactions, provide faster and more reliable payments, and enable financial institutions to efficiently trade and manage both fiat and digital assets.
The move reflects growing institutional adoption of digital assets, particularly in Asia, and builds on Standard Chartered’s recent expansion of regulated crypto services, including spot Bitcoin trading, through its UK branch.
This article, TP ICAP’s Standard Chartered Designated Custodian for Fusion Digital Assets, first appeared on Bitcoin Magazine and was written by Micah Zimmerman.
