eToro’s cryptocurrency division eToroX on Wednesday announced the launch of its institutional-grade application program interface (API) trading program.
Dubbed AlgoX Prime, the API is designed to meet the requirements of institutional traders with eToro’s liquidity pool and tight spreads. This will cater to both the traders of mainstream instruments and crypto assets.
Commenting on the new API, Doron Rosenblum, eToroX’s managing director, said: “AlgoX Prime, our new API trading program, offers sophisticated trading capabilities to institutional and corporate traders. We believe that it will open the door for institutional traditional financial algorithmic trading companies to trade crypto assets, and by doing so, greatly increase market liquidity.”
A versatile product for algo trading
The announcement also detailed that the new product will enable direct access to eToroX’s data centers to offer a high-quality and low-latency colocation service to institutional traders. The company is also boasting competitive fees for the product and will offer a free enterprise-grade market data package.
B2Broker Extends its Multi-Asset Liquidity Pool with Tools for BrokersGo to article >>
“The AlgoX Prime trading program aligns with eToro’s strategy of bridging the gap between blockchain and the traditional financial markets,” Yoni Assia, chief executive of eToro, added. “The ability to trade using APIs will help steer institutional traders to connect to the crypto market, and to utilize eToro’s high-trading volume.”
With its new API-based product, the company is targeting markets in Southeast Asia.
“It is highly significant that we are launching AlgoX Prime API trading program today in South East Asia,” said Jasper Lee, managing director of eToro Asia. “The market in this region is highly dynamic. People are very involved with crypto, and we believe that developments such as our new API program will greatly help facilitate mass adoption.”