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Duncan Trenholme, co-head of digital assets at TP ICAP, the largest interdealer-broker worldwide, says that the crypto industry can garner insights from traditional finance to enhance conflict-of-interest mitigation and the protection of customer funds.
He believes that these crucial areas have been overlooked in the haste to develop new blockchain technologies.
In an interview with The Block, Trenholme stated that regardless of the technology or asset class, enabling venue providers to participate in the order book or to handle client funds presents clear conflict-of-interest issues.
The past year, marred by the downfall of prominent crypto entities like FTX (CRYPTO: FTT), Celsius (CRYPTO: CEL), and Three Arrows Capital, has underscored the need for these protections.
In the aftermath of what Trenholme refers to as "crypto's annus horribilis" in 2022, he is optimistic about the rekindling of interest in digital assets among major global financial institutions.
In 2021, TP ICAP announced its intention to establish a crypto asset exchange, which received regulatory approval in the U.K. in December of the same year.
Currently, the broker is welcoming clients to its Fusion Digital Assets platform, although an official launch date has yet to be confirmed.
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In order to guarantee fund segregation, clients maintain a dual relationship—one with TP ICAP for trade execution and another with Fidelity Digital Assets for asset custody.
Trenholme emphasized the importance of fund segregation and the implications of ignoring this, as witnessed over the past year and a half.
He cited clear regulations in traditional markets as evidence of the lessons finance has already gleaned from its history.
Exploring New Trading Frontiers TP ICAP is expanding its digital asset trading capabilities, attracting some "forward-thinking" clients eager to unlock potential benefits.
Trenholme believes, however, that the ultimate success of crypto hinges on it offering a superior trading experience.
Trenholme is optimistic that as more firms start incorporating blockchain technology into their operations, this will signify growth in the ecosystem.
TP ICAP aims to be prepared to offer support when companies need to hedge their crypto exposure.
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