Standard Chartered has been appointed as digital asset custodian and settlement agent for TP ICAP’s Fusion Digital Assets platform, deepening a partnership first announced in October 2024.
This move supports TP ICAP as it expands peer-to-peer trading of crypto assets, marking a major operational step for both companies.
Fusion Digital Assets, operated by TP ICAP E&C Limited and registered with the Financial Conduct Authority for crypto-asset activities, allows the institution’s clients to trade digital assets on a UK regulated exchange.
With the new system, joint clients can access Standard Chartered’s managed digital asset storage services alongside Fusion Digital Assets’ trading infrastructure.
The appointment coincides with Fusion Digital Assets’ transition to a standardized core model. Under this structure, TP ICAP acts as a partner on both sides of every trade, which requires strong internal payments and storage capabilities.
The model eliminates the need for upfront financing for customers, allows for post-execution payments, and uses an international network to reduce total fees, improving operational efficiency.
The custodial system is client-side proof, which enables affiliates to deliver goods from their preferred custodian instead of Standard Chartered.
Margaret Harwood-Jones, Global Head of Financing & Securities Services at Standard Chartered, said: “We are delighted to deepen our partnership with TP ICAP, strengthening our shared vision of integrating traditional and digital finance.
Duncan Trenholme, Managing Director and Global Head of Digital Assets at TP ICAP, described the milestone as an important step in the company’s digital assets strategy. “With the support of Standard Chartered, we will be able to pay for blockchain-based goods through our accounts for the first time and offer a wide range of on-chain goods and services to customers,” he said.
Standard Chartered and B2C2 partner
Earlier this year, Standard Chartered and B2C2 announced a strategic partnership to improve institutional access to crypto markets.
The partnership includes Standard Chartered’s global banking infrastructure and B2C2 currency across all jurisdictions and trading options, allowing asset managers, hedge funds, corporations, and family offices to directly connect with regulated banking and settlement services.
The partnership is to facilitate fiat-to-crypto transactions, providing a fast, reliable solution while allowing institutions to trade and manage both fiat and digital assets efficiently.
The move reflects growing adoption of the digital asset, particularly in Asia, and builds on Standard Chartered’s recent expansion of regulated crypto services, including Bitcoin exchanges through its UK branch.
