Standard Chartered has been appointed as the digital asset custodian and settlement agent for TP ICAP’s Fusion Digital Assets platform, deepening the collaboration first announced in October 2024.
The move supports TP ICAP as it expands matched-principal trading in spot crypto assets, marking a major operational step for both firms.
Fusion Digital Assets, operated by TP ICAP E&C Limited and registered with the Financial Conduct Authority for crypto-asset activities, allows institutional clients to trade digital assets on a UK-regulated exchange.
Through the new arrangement, shared clients can access Standard Chartered’s regulated digital asset custody services alongside Fusion Digital Assets’ trading infrastructure.
The timing of the appointment coincides with Fusion Digital Assets’ transition to a matched-principal model. Under this structure, TP ICAP acts as counterparty to both sides of every trade, requiring robust internal settlement and custody capabilities.
The model eliminates prefunding requirements for clients, allows settlement post-execution, and uses multilateral netting to reduce gross settlement volumes, improving operational efficiency.
The custody arrangement is agnostic on the client side, enabling counterparties to deliver assets from their preferred custodian rather than mandating Standard Chartered.
Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, said: “We are pleased to deepen our collaboration with TP ICAP, reinforcing our shared vision of bridging traditional and digital finance. Our custody and settlement solutions will enable TP ICAP to scale its matched principal activity securely and efficiently, meeting growing institutional demand.”
Duncan Trenholme, Managing Director and Global Co-Head of Digital Assets at TP ICAP, described the milestone as a key step in the firm’s digital asset strategy. “With Standard Chartered’s support, we will be able to settle blockchain-based assets through our own accounts for the first time and offer a broader array of on-chain assets and execution services to clients,” he said.
Standard Chartered and B2C2 partner
Earlier this year, Standard Chartered and B2C2 announced a strategic partnership to enhance institutional access to crypto markets.
The collaboration combines Standard Chartered’s global banking infrastructure with B2C2’s liquidity across spot and options trading, allowing asset managers, hedge funds, corporates, and family offices direct connectivity to regulated banking and settlement services.
The partnership is to streamline fiat-to-crypto transactions, offering faster, more reliable settlement while enabling institutions to trade and manage both fiat and digital assets efficiently.
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.