TradeStation Group, the US subsidiary of Japanese financial services giant Monex Group, is going live with its cryptocurrency brokerage offering under the brand name TradeStation Crypto.
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. 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.
“As the reliable brokerage brand for active and serious self-directed online traders since 2001, we now seek to extend the same kind of benefits to TradeStation Crypto customers under one umbrella,” said John Bartleman, President of TradeStation Group
TradeStation Crypto will initially support five major cryptocurrencies – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). However, the digital asset broker said its traders in ‘approved states and countries’ will be able soon to trade other supported crypto coins in the future.
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A dedicated offering for institutional investors
Tailor-made for crypto traders, the platform uses global integrations to create a wide pool of liquidity sources that enable better price discovery and transparency. TradeStation Crypto also promotes its crypto desk as helping traders avoid lengthy transactions on traditional exchanges, as well as avoid fees charged by other platforms for instant large volume trades.
“Instead of being a crypto exchange, which is typically a fragmented, self-contained market universe, TradeStation Crypto’s approach is to aggregate multiple pools of liquidity in a consolidated market datafeed combined with an intelligent order-routing system to give its customers better visibility and trade execution,” it said.
TradeStation Crypto also provides a dedicated platform to facilitate cryptocurrency trading for institutional investors. In addition to personalized support, the offering secures a one-stop platform for market data aggregation, execution strategy, and back-testing environment, as well as smart order routing and advanced execution algos.
Monex Group already has a diverse portfolio of brokerages worldwide though it was rumored to be making a big splash in cryptocurrency markets. Earlier last year, Monex set up its own cryptocurrencies unit to study the opportunities in the sector.
After helping Coincheck remain in business, Monex revealed plans to gain a foothold in the US cryptocurrency market with a dedicated offering that caters mainly to institutional investors and build on top of over two million accounts it holds worldwide.