XTRD.io, a company that is developing a set of technologies that will allow institutional investors to trade cryptocurrencies, has joined the FIX Trading Community, an international organisation aimed towards fostering the interoperability of global financial markets.
By joining FIX, which is mostly made up of traditional financial companies, XTRD looks to work alongside global financial organisations to develop universal standards for their own FIX protocols that will integrate with cryptocurrency markets. The company also looks to act as an ambassador for onboarding traditional financial players into the world of cryptocurrencies.
The Financial Information eXchange (FIX) protocol is an electronic communications protocol developed in the early 90s for international real-time exchange of information pertaining to the securities markets. The FIX Trading Community is a non-profit organisation that seeks to address business and regulatory issues impacting multi-asset trading in global markets. This is facilitated through promotion of the FIX family of standards, including the core FIX Protocol messaging language, which has transformed the trading environment and become a standard bearer for global trading.
Having been used on Wall Street for over 25 years, FIX API is a best-in-class technology for traders providing precise and virtually instant pricing data. By minimising ‘slippage’, FIX gives traders an edge when it comes to capitalising on market movements, including entering and exiting various cryptocurrencies.
Alexander Kravets (pictured), a veteran Wall Street trader and co-founder of XTRD.io, says: “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.”
One of the problems that XTRD.io’s use of FIX will solve is slippage, whereby large transactions cannot be sold without causing the market to move by 10 per cent or more. Coupled with low liquidity, this problem has deterred large-scale investors from taking sizeable positions in the burgeoning cryptocurrency market.
By joining the FIX Trading Community and actively participating in working groups such as the FIX Cryptocurrency working group that encourage discussions and development between the company and traditional global financial companies, XTRD.io looks to develop best in class technology that brings more stability to the market, thereby making it more attractive to institutional traders.
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