TradeStation Crypto, the digital assets arm of TradeStation Group, has partnered with Deltix to integrate its CryptoCortex product suite, which provides a dedicated platform to facilitate cryptocurrency trading for institutional investors.
Specifically, Deltix says CryptoCortex provides broker/dealers and exchanges with FIX and multi-cast data streaming capabilities, combined with REST and web sockets interfaces. And in addition to its flexible pricing engine, the solution presently secures stable connectivity to more than 15 venues.
For buy-side firms, CryptoCortex provides a one-stop platform for market data aggregation, execution strategy, and back-testing environment, as well as smart order routing and advanced execution algos. The platform offers separate configurations for each of these use-cases. Deltix already has five institutional clients using the platform, including buy-side and sell-side firms.
Meanwhile, the US subsidiary of Japanese financial services giant Monex Group says it plans to launch its cryptocurrency services later this year.
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For the new offshoot, TradeStation leverages its brokerage industry expertise to address what it perceives to be “key concerns and certain weaknesses in the current cryptocurrency ecosystem,” it said.
Monex expands into crypto space
After helping Coincheck remain in business, Monex has decided to venture into much more attractive markets through the cryptocurrency-focused subsidiary of its US brokerage arm.
There is currently no specified timeframe for the launch of the new platform, but Monex has previously filed a money service business registration with each state regulator. A money transmittal license (MTL) allows the venue to offer both crypto-to-crypto and fiat-to-crypto trading pairs.
Commenting on the news, John Bartleman, President of TradeStation Group, Inc., said: “Our focus will be to provide the tools and services that serious traders require to trade across multiple asset classes, including crypto, and we believe Deltix’s platform and technology will be a valuable resource to support these crypto market efforts.”
Ilya Gorelik, CEO of Deltix, added: “Deltix’s alignment with TradeStation Crypto should bring a new level of maturity and sophistication to the crypto trading space. Together with TradeStation, we bring many years of meaningful expertise to a nascent asset class. Using CryptoCortex, TradeStation Crypto users should, as liquidity provider connections and advanced features are added over time, have access to multiple sources of liquidity, smart order routing and algo execution.”