Trading Technologies (TT), a software provider for trading, has announced that it will shut down its cryptocurrency trading platform, TT Crypto, due to a lack of retail users.
The vice president of TT, Mike Unetich, has emailed TT Crypto users on Monday, announcing them that the company will shut down the platform for good on Aug. 9, at 4:00 pm CDT (5:00 pm EST).
“The original aim of this platform was to attract a large retail-oriented customer base,” but it “never did attract large numbers of sticky users who wanted to use TT tools to up their crypto trading abilities,” stated Mr. Unetich.
Trading Technologies is a company that has been activating for 25 years as a trading software provider to J.P. Morgan Securities, Bank of America Merrill Lynch, Citigroup and many other Wall Street firms. The TT Crypto platform was launched in May 2018. The platform had the task of redirecting the trading others to a cryptocurrency exchange for free, with a fee charged for trading on the exchange.
Trading Technology first started collaborating with popular crypto exchange Coinbase’s Coinbase Pro (formerly GDAX) in order to enable its users to allow them to have access to spot and futures bitcoin trading. BitMEX and CoinFLEX have also been integrated into the Trading technology platform in the last year.
From the email sent Monday, it is revealed that the firm will be connecting to its main TT platform to BitMEX and CoinFLEX in the meantime while the TT Crypto is closing down. The no-fee policy will be extended up until Oct. 1. Without the fee, the TT “Standard” platform incurs a minimum fee of $50, and the “Pro” account is priced at a minimum of $400.
The Trading Technology company still hold shares in CoinFLEX, a platform that physically delivers cryptocurrency futures and also provides trading and leverage services.
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