Kx Systems, a subsidiary of First Derivatives plc (LON:FDP), has formally introduced cryptocurrency trading, rolling the new service out to clients of its FX trading platform, Kx for Flow.
Kx for Flow is an established white label FX trading platform, which combines order management, trade execution, risk management, transaction analytics and alerts management. The HTML5 terminal allows users to create bespoke liquidity pools and distribute price information to clients and markets.
Kx for Flow is deeply rooted in trading technology and in addition to cryptocurrencies, the same platform is used to offer access to key liquidity sources including market-making banks, non-banks and ECNs providing pricing and execution for FX, NDFs, precious metals, and CFDs.
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Kx’s foray into cryptocurrencies is motivated by customer acquisition and retention as the company views the action an opportunity to expand its client base and give them more access to additional asset classes.
Kx Systems is a provider of high-performance database and time-series analytics for the financial services industry.
Initial coverage will be limited to spot trading of five popular cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple. More tradeable coins are to be added later.
Commenting on the news, Rich Kiel, Head of FX Solutions for Kx said: “As with most leading trading technology providers we have been inundated with interest in crypto. When you sift through the noise the interest from mainstream financial services firms to begin trading cryptocurrencies has been growing and we are delivering this solution to meet the current and future needs of our clients.”