Blockchain.com has become a liquidity partner on TP ICAP’s Fusion Digital Assets venue, joining one of the first groups to trade under its matched principal model, a structure intended to let institutional crypto participants execute without prefunding trades.
Under the arrangement announced on Aug. 27, TP ICAP sits between buyer and seller as the contractual counterparty. Rather than taking direct credit exposure to another trading firm, each side faces TP ICAP, which Fusion Digital Assets describes as an investment-grade intermediary. Blockchain.com will contribute liquidity to order books for Bitcoin, Ether and XRP.
The setup brings a familiar wholesale-market trading structure into crypto, where fragmented liquidity, bilateral settlement arrangements and collateral demands can tie up capital. By allowing participants to trade without prefunding at the venue, the model could reduce the cash and assets firms need to leave idle ahead of execution, though they would still be subject to TP ICAP’s credit and risk controls.
TP ICAP expands its role in crypto trade execution
Matched principal trading means TP ICAP matches a buyer with a seller while acting as principal in both legs of the transaction. The two market participants do not contract directly with one another. This can simplify counterparty management for firms that have approved TP ICAP but have not established credit arrangements with every liquidity provider active on the platform.
The approach is widely used in traditional wholesale markets, particularly where market participants want access to several liquidity sources without building separate bilateral trading relationships for each one. In digital assets, it gives Fusion Digital Assets a route to package trading, credit intermediation and custody-related infrastructure around a single venue.
Fusion Digital Assets said Blockchain.com’s arrival would add order-book depth across Bitcoin, Ether and XRP. More liquidity providers can improve the number and size of executable orders available at a quoted price, although the practical benefit will depend on the prices Blockchain.com streams, the size it is willing to quote and demand from other participants.
The announcement identifies Blockchain.com as among the first firms to use the venue’s matched principal model. TP ICAP had previously brought market makers B2C2 and GSR into the arrangement earlier in 2026, according to the details released with the update. Their participation gives the venue additional pricing sources at a time when institutional desks increasingly seek consolidated access to digital-asset liquidity.
A larger product set is planned
Fusion Digital Assets said its matched principal model is intended to support an expanded tradable universe. Planned additions include USDC, the dollar-backed stablecoin issued by Circle, more cryptocurrency coverage including SOL, and further fiat currency pairs.
The venue also said it plans future support for tokenised real-world assets, or RWAs. These are blockchain-based representations of traditional financial instruments or assets, such as funds, bonds or other securities. Adding such products would move Fusion Digital Assets beyond the spot crypto markets on which it has built its current activity, although the company did not provide a timetable for those additions.
Operating hours are also due to expand. Fusion Digital Assets plans continuous weekday trading and says it will add weekend coverage later. Longer availability would better match the around-the-clock nature of crypto markets, while retaining an operating model designed around the working practices and controls of wholesale financial firms.
The rollout suggests TP ICAP is concentrating on market structure rather than competing solely on asset selection. Bitcoin and Ether trading are already available through numerous venues, but a matched principal setup can appeal to firms whose internal policies require stronger controls around counterparties, credit exposure and custody.
Volume figures point to growing institutional use
Fusion Digital Assets reported that monthly notional volume across its Bitcoin and Ether order books exceeded $1 billion during 2025. Notional volume measures the total face value of trades executed and does not represent the amount of cash deposited on the platform or the venue’s revenue.
That figure remains modest beside the largest global crypto trading platforms, but Fusion Digital Assets addresses a narrower wholesale market. Its proposition combines execution with segregated custodial capabilities, designed for institutional participants that may prefer assets to be held separately from the trading venue’s own balance sheet.
TP ICAP’s scale gives the initiative access to an established network in global financial markets. The company says it operates more than 60 offices in 28 countries. It also reported clearing more than $200 trillion across different markets through its broader business during the previous year, using comparable intermediary structures. The scale of that activity does not translate directly into crypto volumes, but it shows that the group’s credit-intermediation model is already embedded in other asset classes.
TP ICAP reported record revenue of £689 million for the first quarter of 2026. The company’s leadership has framed the digital-assets model as a way to apply established market practices to newer asset types, rather than requiring participants to rely exclusively on direct bilateral arrangements.
Blockchain.com adds an established crypto participant
Blockchain.com said it has operated since 2011 and has supported more than 95 million wallets, 45 million verified users and over $1.2 trillion in cryptocurrency transactions. The company says it operates across more than 70 jurisdictions.
Its role on Fusion Digital Assets is focused on supplying liquidity rather than serving retail wallet users. Market makers and liquidity partners quote prices at which they are prepared to buy and sell, helping other participants execute orders without waiting for an opposing customer order to appear.
For trading firms, the practical attraction is access to more pricing sources through a counterparty they can assess once rather than through a web of separate bilateral relationships. The framework may also reduce operational friction around settlement by placing TP ICAP at the center of the transaction flow.
The model does not remove trading risk. Participants remain exposed to changes in crypto prices, must meet the venue’s eligibility and risk requirements, and rely on TP ICAP’s systems and credit framework for the intermediary role to function as intended. Yet Blockchain.com’s addition gives Fusion Digital Assets another test of whether a traditional matched-principal structure can draw meaningful institutional liquidity into crypto markets.
Institutional traders exploring TP ICAP-style structures should also explore TradFi vs DeFi structures for deeper market context.
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