San Francisco based cryptocurrency exchange, Coinbase, announced Thursday a strategic partnership between its institutional platform, GDAX, and Trading Technologies International, Inc., a global trading software provider.
The tie-up is focused on providing a professional cryptocurrency trading functionality and market access to more major financial players.
In the announcement regarding the partnership, the company said that the new tools from TT will aid in expanding the reach of GDAX, which would result in an increase in the volume of crypto-trading, globally.
“With 19 of the top 20 futures commission merchants as distribution partners, TT users are some of the largest futures and commodity traders in the world. Its connectivity stretches to nearly 45 markets, including the futures markets of the CME Group, Deutsche Boerse, Intercontinental Exchange and Nasdaq. Through this partnership, TT users will be able to view market data, submit orders, and leverage a market-leading suite of charting and automated trading tools to trade cryptocurrencies on GDAX,” the company said.
The partnership between both the companies just came after several exchanges launched Bitcoin Futures and future contracts of other cryptocurrencies in December. The Futures was expected to stabilize the extreme volatility that had been a quality of the crypto-market for a long time and it has succeeded in somewhat tempering the simultaneous price swings.
“The offering is timed perfectly, just as futures on Bitcoin are taking form. TT provides one of the most powerful and ubiquitous tools to today’s futures trader. This, paired with GDAX’s crypto-spot market liquidity, will provide thousands of institutional investors a seamless and secure way to trade digital assets,” said Adam White, General Manager of GDAX.
Adam White thinks that the Futures market is too nascent to affect the cryptocurrency market. According to him, traders do not have access to the tools that will help them fully advantage from the Futures market.
“The volatility is why traders are waiting for an offering like this [with TT],” White says. “It’s a way for a safe discovery process to happen quickly and efficiently, which could draw more major financial players into the crypto arena.”
CEO of TT, Rick Lane, had the same views as Adam and said that the TT-GDAX partnership, for the first time, will offer a full suite of tools to traders which will help them survive the risks in the market.
“We are pleased to partner with Coinbase, the leading digital asset exchange so that cryptocurrency traders of all styles are able to leverage our robust and powerful suite of trading tools. Furthermore, we have begun collaborating to deliver enhanced and asset-class-specific functionality on the TT platform for cryptocurrency trading,” said Rick Lane.
Coinbase is currently trying to attract more and more institutional investors by offering services like margin trading and custodial service.
Also Read: Coinbase hires Memo.AI engineering team