Deltix, a provider of algorithmic and automated trading solutions, has released a new platform to facilitate cryptocurrency trading for institutional investors, dubbed “CryptoCortex.”
The new venture ultimately targets broker/dealers, exchanges, and institutional buy-side firms, which have faced high entry barriers to crypto trading. CryptoCortex offers a much more convenient alternative as it boasts separate configurations for each of these use-cases.
The new product suite provides a set of tools that can be used separately and are also compelling when used in their integrated fashion.
Specifically, Deltix says CryptoCortex provides broker/dealers and exchanges with FIX and multi-cast data streaming capabilities, combined with REST and web sockets interfaces. And in addition to its flexible pricing engine, the solution presently secures a stable connectivity to more than 15 venues.
For buy-side firms, CryptoCortex provides a one-stop platform for market data aggregation, execution strategy and back-testing environment, as well as smart order routing and advanced execution algos.
Both sides will also benefit from transaction cost analysis (TCA) tools and risk management capabilities.
Unlike established financial markets, cryptocurrency trading is dominated by individual investors, which is evident by almost every metric, including the sharp price swings.
Institutional investors and trading firms were eager to actively trade these instruments following the launch of bitcoin futures contracts by two of the leading futures exchanges in the US. Even though the Cboe and CME futures have allowed digital currencies to step into the mainstream financial system, the big players were challenged by lack of institutional-grade technology to support them.
Commenting on the new product, Ilya Gorelik, CEO and Founder of Deltix, said: “We are extremely excited to release CryptoCortex to the market. We have a 10-year track record of providing systematic trading platforms to demanding institutional quant and algo trading firms in other asset classes. That experience perfectly positions us to bring CryptoCortex to the institutional crypto trading market.”
He continued: “We already have five institutional clients across the sell-side and buy-side firms with many others in the pipeline. Since we are already working with all sides of the crypto trading ecosystem, we have constructed CryptoCortex from a unique perspective unavailable to the majority of other software solution providers.”