The bridge between the futures and cryptocurrency space continues to shrink in 2018, following a mutual interest from investors. This has been helped greatly by a newly inked partnership between Coinbase and Trading Technologies, which have teamed up to improve cryptocurrency trading functionality and market access.
Last month saw the rollout of the first Bitcoin futures on CBOE and CME Group – since then, their popularity has soared, with these instruments representing the first of their kind in the industry. With the popularity of Bitcoin (and by extension that of other cryptocurrencies) only expected to increase in 2018, the demand for these instruments has never been higher.
Coinbase is an operator of Global Digital Asset Exchange (GDAX), which acts as one of the world’s largest and most trusted digital asset exchanges. The group represents a key cog in the partnership, bringing its capabilities to Trading Technologies’ customer base. This will allow the company’s clients to trade both spot and derivative markets side-by-side for the first time by March 2018.
“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,” explained Rick Lane, CEO of Trading Technologies.
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Over the past year, Coinbase’s GDAX has solidified itself as one of the most widely utilized crypto exchanges. This in turn has catered to the needs of an institutional investor base, which is regulated in over thirty states in the US.
As the largest digital asset spot market in the US, GDAX constitutes one of the key players in the domestic market. Trading Technologies brings its own area of expertise and market clout, which sees 95 percent of the top futures commission merchants as distribution partners.
Adam White, General Manager of GDAX, commented on the deal: “The partnership between Coinbase and Trading Technologies will provide essential trading and hedging tools across the market. 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.”
Of note, Trading Technologies’ market connectivity stretches to nearly 45 markets, including the futures markets of the CME Group, Deutsche Borse, Intercontinental Exchange, and Nasdaq. In partnering with Coinbase, Trading Technologies’ user base can more efficiently view market data, submit orders, and leverage a new suite of charting and automated trading tools to trade cryptocurrencies on GDAX.
“This unparalleled strategic relationship means that for the first time ever, the institutional community can utilize our best-in-class professional trading tools to access both listed derivative and GDAX’s exceptional cash cryptocurrency offerings, side by side on one screen. Together, TT and Coinbase are setting the stage for the next evolution of the cryptocurrency markets and leveling the proverbial playing field for all,” reiterated Michael Kraines, Trading Technologies’ Chief Commercial Officer.