XTRD, a blockchain startup that aims to apply Wall Street’s mature technologies to cryptocurrencies, is now a member of the FIX Trading Community, a non-profit industry-wide initiative that boasts some of the world’s biggest banks as its members.
According to its website, XTRD is a technology company founded by veteran Wall Street specialists which introduces a new infrastructure to institutional investors to easily access cryptocurrency markets. To that end, the company plans to bring the same technology used throughout mainstream financial markets to the new world of cryptocurrencies in order to enable more efficient trading than currently exists.
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XTRD joins FIX Trading Community to act on inefficiencies of cryptocurrency exchanges which have different listings, prices, and volumes that vary across geographies and time.
By leveraging the unified FIX API, XTRD is taking an industry standard technology used within the financial industry for over 25 years and introducing it to the cryptocurrency market.
Along with a standalone trading platform and liquidity aggregation, the company now provides precise and virtually instant pricing data while reudcing the slippage of trading cryptocurrency and digital assets.
The adoption of FIX by trading venues has risen significantly over recent years. FIX offers market participants reduced integration costs and considerable efficiency gains by connecting firms to trading partners in a standardised and cost-effective manner, minimising the financial implications of market entry and increasing choice as switching costs are reduced.
Within the crypto trading world, the service is still an emerging protocol. However, an increasing number of crypto venues have implemented it just to attract business from established providers, who will already be very familiar with FIX and will have execution systems already capable of supporting it.
Commenting on this, Alexander Kravets, co-founder of XTRD.io, said: “For institutional money to pour into the cryptocurrency space, there needs to be an infrastructure to rival that which they’ve been accustomed to on Wall Street. In joining the FIX Trading Community, and helping to create FIX standards and specifications, we’re making steps towards bridging the gap between traditional finance and crypto and the result will be faster trades, more accurate pricing, and greater profitability.”
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