LONDON - B2C2, a leading digital assets market maker, has integrated with TP ICAP’s FCA-registered cryptoasset business, Fusion Digital Assets, as a liquidity provider under the venue’s newly launched Matched Principal model.
Under the agreement, B2C2 will provide high-performance liquidity and trading capabilities directly to the exchange. The collaboration provides Fusion Digital Assets participants with deeper liquidity, sharper execution and stronger risk transfer helping support the growing wholesale cryptoasset market.
B2C2 will provide liquidity to the exchange's Bitcoin and Ethereum order books, with plans to support additional order books as Fusion Digital Assets scales its crypto asset offering.
The announcement follows Fusion Digital Assets’ transition to a Matched Principal model, under which TP ICAP acts as a counterparty to both sides of each trade. This framework, already operated by TP ICAP across global markets, supported over $200 trillion in notional volumes in 2025. For clients, this approach significantly increases capital efficiency by reducing the need to prefund trading and reduces counterparty risk by leveraging TP ICAP’s investment-grade credit profile.
Simon Forster, Managing Director and Global Co-Head, Fusion Digital Assets, said: “B2C2’s exceptional reputation in this market and institutional mindset represent a leap forward in our ability to provide wholesale clients with secure access to high-quality liquidity. We share the same long-term ambition to build deep, liquid on-chain markets that will eventually span across traditional asset classes.”
Thomas Restout, Group CEO, B2C2, said, “Our partnership with TP ICAP is a significant step in the evolution of institutional digital asset markets. By integrating B2C2’s liquidity into Fusion Digital Assets Matched Principal model, we are reducing the need for pre-funding and providing the capital efficiency that wholesale participants expect. As two London-headquartered leaders, we are proud to collaborate on infrastructure that reinforces the UK’s position as the premier hub for digital financial innovation."
Future Developments
The transition to Fusion Digital Assets’ new Matched Principal model allows the exchange to, subject to regulatory and market conditions, expand its tradable asset universe, including:
Furthermore, in response to institutional demand, operating hours will extend from 23 hours, 5 days a week to 24 hours, 5 days a week, with weekend coverage to follow.
This growth builds on a record year in 2025 for Fusion Digital Assets, which surpassed $1 billion in monthly notional traded volume across its spot Bitcoin and Ethereum order books. The milestone underscored the demand for institutional clients to have regulated, secure, and reliable access to the digital asset market.
ENDS
About Fusion Digital Assets
Fusion Digital Assets is a wholesale crypto asset exchange from TP ICAP designed exclusively for institutional participants. Combining TP ICAP's expertise in venue operation and execution with segregated custodial capabilities, the platform offers an FCA-registered environment that meets the stringent regulatory standards demanded by institutional clients.
About TP ICAP Group plc
TP ICAP is a global leader in connecting buyers and sellers across financial, energy, and commodities markets. Leveraging our expertise and cutting-edge technology, we provide unparalleled OTC liquidity and data solutions. Our portfolio includes renowned brands such as ICAP, Tullett Prebon, PVM, Liquidnet, and Parameta Solutions. These brands deliver trusted broking services, comprehensive data & analytics, and insightful market intelligence to clients worldwide. With a presence in over 60 offices across 28 countries, TP ICAP is committed to driving market efficiency and innovation.
B2C2 is a global leader in institutional liquidity for digital assets. Founded in 2015, we are trusted by blue chip hedge funds, institutional managers, brokers, crypto exchanges, and crypto foundations. We provide deep, reliable liquidity and pricing in crypto, delivering seamless execution 24/7/365. Majority owned and backed by Japanese financial conglomerate, SBI, B2C2 Ltd is headquartered in the UK, with offices in the US, Japan, Singapore, France and Luxembourg.
B2C2 Ltd is registered in England and Wales under company number 07995888 with its registered office at 86-90 Paul Street, London, EC2A 4NE. B2C2 Ltd is the parent company of the B2C2 group of companies. Products may be provided by different members of the B2C2 group of companies, depending on the jurisdiction of the client and the regulatory status of the product and/or B2C2 group member. B2C2 is a registered trademark.
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