Standard Chartered Named Custodian For TP ICAP’s Fusion Digital Assets
Standard Chartered to Provide Digital Asset Custodian Services for TP ICAP’s Fusion Digital Assets Platform
Standard Chartered has been selected as the digital asset custodian and settlement agent for TP ICAP’s Fusion Digital Assets platform, further solidifying their partnership that was initially announced in October 2024.
The decision to appoint Standard Chartered comes as TP ICAP looks to expand its matched-principal trading in spot crypto assets, representing a significant operational advancement for both organizations.
Fusion Digital Assets, operated by TP ICAP E&C Limited and authorized by the Financial Conduct Authority for crypto-asset activities, enables institutional clients to engage in digital asset trading on a UK-regulated exchange.
Through this new collaboration, mutual clients will have access to Standard Chartered’s regulated digital asset custody services in conjunction with Fusion Digital Assets’ trading infrastructure.
The timing of this appointment aligns with Fusion Digital Assets’ shift to a matched-principal model, where TP ICAP serves as the counterparty for both sides of each trade. This necessitates robust internal settlement and custody capabilities to ensure seamless operations.
By adopting this model, clients are relieved of prefunding requirements, settlements can occur post-execution, and multilateral netting is employed to reduce gross settlement volumes, thereby enhancing operational efficiency.
It’s worth noting that the custody arrangement is flexible on the client side, allowing counterparties to utilize their preferred custodian rather than being obligated to use Standard Chartered’s services.
Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, expressed enthusiasm about the deepened collaboration with TP ICAP, emphasizing the alignment in their vision of bridging traditional and digital finance. She highlighted how their custody and settlement solutions will empower TP ICAP to scale its matched principal activity securely and efficiently to meet the increasing institutional demand.
Duncan Trenholme, Managing Director and Global Co-Head of Digital Assets at TP ICAP, hailed this development as a pivotal milestone in the firm’s digital asset strategy. He underscored that with Standard Chartered’s support, TP ICAP will be able to settle blockchain-based assets through their own accounts for the first time, enabling them to offer a wider range of on-chain assets and execution services to clients.
Standard Chartered’s Strategic Partnership with B2C2
Earlier this year, Standard Chartered forged a strategic partnership with B2C2 to enhance institutional access to crypto markets.
This collaboration leverages Standard Chartered’s global banking infrastructure alongside B2C2’s liquidity in spot and options trading, providing asset managers, hedge funds, corporates, and family offices with direct connectivity to regulated banking and settlement services.
The partnership aims to streamline fiat-to-crypto transactions, offering faster and more reliable settlement while enabling institutions to efficiently trade and manage both fiat and digital assets.
This initiative reflects the increasing institutional adoption of digital assets, particularly in Asia, and builds upon Standard Chartered’s recent expansion of regulated crypto services, including spot Bitcoin trading through its UK branch.
