Blockchain.com has joined TP ICAP’s Fusion Digital Assets venue as a liquidity provider under the platform’s new matched-principal trading model. The August 27 announcement says the integration will add order-book depth for Bitcoin, Ether and XRP.
Matched principal changes the counterparty structure
Under a matched-principal model, TP ICAP sits between buyers and sellers while offsetting the two sides of a transaction. Participants face the venue rather than trading directly with each other, and the structure can reduce the bilateral credit and operational work required for institutional execution.
Fusion Digital Assets said the arrangement allows clients to trade without prefunding positions. That can improve capital efficiency, although participants still need to evaluate the venue’s custody, settlement and counterparty controls. Blockchain.com is among the first liquidity firms connected after the model’s introduction.
Liquidity expands beyond Bitcoin and Ether
The venue previously reported more than $1 billion in monthly notional volume across its Bitcoin and Ether order books during 2025. The addition of Blockchain.com brings XRP liquidity and is intended to support a broader list of assets, including prospective stablecoin and tokenized-asset products.
The partnership extends Blockchain.com’s institutional strategy beyond its retail wallet business. The company recently entered Nigeria’s regulatory incubation program and has also developed cross-border payment infrastructure for institutions in Brazil.
Continuous weekday trading is planned
Fusion Digital Assets plans to extend operating hours to continuous weekday trading, with weekend coverage expected later. The announcement did not provide a launch date for either extension or disclose Blockchain.com’s committed market-making volume.
Those missing details matter because the presence of a liquidity partner does not guarantee narrow spreads or consistent depth across every asset and market condition. The practical effect will depend on trading activity, participation by other institutions and the reliability of settlement operations after the expanded schedule goes live.
Fusion Digital Assets is restricted to wholesale market participants and combines order execution with segregated custody arrangements. The model may resemble traditional market infrastructure more closely than direct exchange trading, but it does not remove price volatility, asset-specific liquidity risk or the need for institutions to conduct thorough independent counterparty due diligence.
