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Standard Chartered has been appointed as the digital asset custodian and settlement agent for TP ICAP’s Fusion Digital Assets, deepening the firms’ institutional crypto collaboration.
The bank says the setup will help TP ICAP expand its matched principal trading activity, while giving shared clients access to Standard Chartered’s custody and TP ICAP’s institutional spot venue.
Custody plus settlement, not just connectivity
Standard Chartered says its role goes beyond safekeeping: it will also act as settlement agent, positioning the partnership as the next phase of execution-and-settlement integration for institutional crypto activity.
The company framed the appointment as an upgrade to the collaboration first announced in October 2024, designed to bridge traditional market infrastructure with digital assets.
Fusion is a UK institutional spot crypto exchange
Fusion Digital Assets is described as TP ICAP’s UK-based spot cryptoasset exchange operated by TP ICAP E&C Limited, which is registered with the UK’s Financial Conduct Authority for cryptoasset activities.
TP ICAP positions Fusion as a wholesale venue designed exclusively for institutional participants, pairing venue operation and execution with segregated custodial capabilities.
“Settle through our own accounts” is the key operational change
TP ICAP said this partnership allows it to settle blockchain-based assets through its own accounts for the first time, which it framed as a milestone in its digital asset strategy.
With Standard Chartered supporting custody and settlement, TP ICAP said it expects to offer a broader array of on-chain assets and a wider range of execution services to clients.
Why it matters for crypto
- Adds another tier-one bank deeper into institutional spot crypto market plumbing (custody + settlement).
- Helps scale institutional trading models that rely on clear segregation between venue execution and custody.
- “Settlement through own accounts” is a meaningful step toward more traditional post-trade workflows for crypto.
- Signals continued buildout of regulated, institution-focused crypto venues in the UK market structure.
What to watch next
- Whether TP ICAP discloses which additional on-chain assets and execution services get added under the expanded setup.
- Any timeline or milestones for scaling matched principal activity under the new custody/settlement arrangement.
- Further announcements on additional custodians or infrastructure integrations connected to Fusion.
Source: Standard Chartered press release