London, July 2026 — GSR, a leading digital asset capital markets firm, has joined TP ICAP’s Fusion Digital Assets as a liquidity partner operating within the venue’s matched principal framework. GSR is among the first firms to execute trades under the new model, strengthening the venue’s institutional liquidity profile and supporting its strategic evolution towards a multiasset marketplace.
GSR has connected its institutional-grade market-making services to Fusion Digital Assets, providing consistent two-way liquidity in Bitcoin and Ether markets. GSR will also use the venue to hedge risk arising from activity executed elsewhere, reflecting the benefits of trading through TP ICAP's matched principal model and investment- grade credit intermediation. As the venue expands its product offering, the collaboration is expected to extend to stablecoins and tokenised instruments, aligning with Fusion Digital Assets’ broader multi-asset roadmap.
Fusion Digital Assets recently launched its matched principal trading model, enabling institutional participants to trade without prefunding while facing TP ICAP as an investment-grade credit intermediary. The model reduces operational and capital constraints, improves balance sheet efficiency, and brings digital asset trading closer to the market structure standards long established in traditional financial markets.
“TP ICAP’s Matched Principal model is a clear example of the convergence between institutional crypto trading and the standards long established in traditional markets,” said Xin Song, CEO of GSR. “Fusion Digital Assets is establishing a capital-efficient environment that institutions now expect, and we’re glad to bring GSR’s services to this venue and help it scale.”
Duncan Trenholme, Managing Director, Global Co-Head of Digital Assets at TP ICAP said "Institutional participants are increasingly driving the evolution of the crypto market and, as these firms scale their trading activity, access to reliable and deep liquidity is paramount. Having GSR actively streaming liquidity and executing trades through our matched principal model is an important validation of institutional demand for a more capital-efficient trading environment and a significant milestone for Fusion Digital Assets as we continue to build an institutional-grade marketplace."
Building on the matched principal launch
The transition to Fusion Digital Assets’ new matched principal model enables the venue to expand its tradable asset universe, including:
- Support for stablecoins, such as USDC.
- Expansion of cryptoasset coverage to include SOL and XRP.
- Additional fiat currency pairs.
- Future support for tokenised real-world assets (RWAs)
In response to institutional demand, operating hours will extend from 23 hours, 5 days a week to continuous weekday trading, with weekend coverage to follow.
This development builds on a record 2025 for Fusion Digital Assets, during which the venue surpassed $1 billion in monthly notional traded volume across its Bitcoin and Ether order books. The milestone demonstrated growing institutional demand for secure, reliable and purpose-built digital asset market infrastructure.
About GSR
GSR is crypto´s capital markets partner, delivering market making services, institutional-grade OTC trading, venture backing, and digital asset advisory to founders and institutions. With more than a decade of experience, GSR´s integrated platform supports token design, go-to-market strategy, treasury and risk management, and capital formation. These services are underpinned by real time global market intelligence and access to deep liquidity. For more information, visit www.gsr.io
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 environment that meets the stringent 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.
Media Contacts
TP ICAP: Tom Gilbert | +44 7741231950 | thomas.gilbert@tpicap.com