Chicago-based Trading Technologies International, a global provider of trading solutions, today announced in a joint statement with cryptocurrency exchanges operator Coinfloor a new partnership to implement its flagship TT Score machine learning technology.
The newly integrated TT Score is another way that helps London-based digital currency exchange reduce costs and create efficiencies while acquiring new compliance surveillance capabilities. One goal of this deal is to reduce the regulatory risk and surveil all market activity on Coinfloor’s multiple cryptocurrency exchanges.
The deployment will provide Coinfloor with the fully integrated suite of trading tools, and the means to access TT and TT Crypto trading platforms beginning in Q3 2018. The platform already serves a wide variety of users including proprietary traders, brokers, money managers, CTAs, hedge funds, and commercial hedgers and risk managers.
Earlier in January, the trading software provider ventured into the cryptocurrency space with a new partnership with popular exchange operator Coinbase to give institutional traders direct market access to both bitcoin and bitcoin futures.
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Coinfloor’s British Virgin Islands-based trading platform, CoinfloorEX, already offers physically delivered bitcoin futures contracts aimed at hedge funds, proprietary trading firms, and sophisticated retail investors, as well as cryptocurrency miners.
With the move, Coinfloor, one of the larger players in cryptocurrency’s still nascent UK market, embraces a cloud-based machine learning architecture, in which it was provided with surveillance technology used by various market participants including some regulators.
Commenting on the deal, Obi Nwosu, Coinfloor CEO, said: “There is strong demand for an alternative to cash-settled crypto futures from market participants. CoinfloorEX’s connection to the TT and TT Crypto trading platforms is an excellent opportunity for professional traders and institutions to frictionlessly access the first and only physically delivered crypto futures exchange in the market today. Coinfloor’s brand promise is founded upon trust, reliability and security. We are proud to be first-in-market with TT Score’s artificial intelligence surveillance, enabling us to continue to assure our clients that our group of exchanges value and demonstrate transparency in a preemptively compliant environment,” said.
“Coinfloor’s landmark implementation of TT Score serves as an important validation of our technology and our novel application of machine learning. We anticipate Coinfloor’s use of TT Score to help ensure market integrity coupled with our forthcoming connection to the CoinfloorEX marketplace will drive additional market participation by institutional and professional traders,” added Rick Lane, Trading Technologies’ CEO.