The former Global Head of eFX Sales and Distribution at XTX Markets, Jan Strømme has established a new cryptocurrency proprietary trading shop. The company’s name is Alphaplate, and it has a total of six shareholders. Using a quantitative approach, the company’s focus will be on digital assets and cryptocurrencies.
The FX industry veteran previously held senior roles at companies such as Reuters, DNB, EBS, and GSA Capital. The company was established in December last year around the peak of the cryptocurrency boom.
A Positive Development for the Crypto Industry
This is a positive sign for the cryptocurrency industry. When a senior eFX executive is committing a fully fledged effort dedicated to digital assets, we can conclude that he might not be the only one. The massive correction which happened in cryptocurrencies over the past several weeks led to a significant turmoil in the sphere.
In recent months, several senior FX industry aficionados have been vocal about the potential of cryptocurrencies. Provided that they commit fresh funds to their efforts, the potential for a new broad rally for cryptos is real.
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Proprietary Trading Experience
With his significant experience in the eFX space, Strømme’s effort can become a high-profile venue for industry aficionados. The launch comes at a difficult time though – after a brief rally to almost $7,000 over the past 24 hours, Bitcoin’s price is back in the red just above $6,350.
That said, if there is anything traders love, that’s volatility. Despite recent stagnation, the cryptocurrency space has been providing traders with ample opportunities to trade. A significant fall in the prices of altcoins opens the doors for traders to capitalize on moves against Bitcoin, which has remained relatively stable.
BTC’s dominance has been getting closer to levels seen at the beginning of the year. Contrasting views on the future of the crypto market are driving prices sideways. Sharp spikes higher and lower, however, are an environment in which experienced traders generally thrive in. Strømme’s effort is part of an ongoing trend where we see experienced industry figures joining the cryptocurrency market.