Spotware Systems, a financial technology provider, has announced that it is in the process of developing a cryptocurrency exchange called cXchange. According to the company’s announcement, made exclusively to Finance Magnates, the exchange will complement the firm’s flagship product, the cTrader platform.
In addition, the technology provider also revealed that it has appointed Alexander Shulman as its new CEO. We sat down with Shulman for an interview.
Commenting on the new crypto offering, Shulman said: “We plan to launch a cryptocurrency exchange software solution, cXchange, that we believe will impact the whole cryptocurrency industry.
“At the moment, we are in the active development stage so stay tuned for our updates very soon!”
Shulman will head the technology provider, which is best known for its flagship product, cTrader. The platform allows investors to trade forex and contracts for difference (CFDs) through its platform.
Shulman has been working in the software development industry for around 12 years. During this time he has managed a variety of projects ranging from custom development to mass market end-user applications.
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Since 2015, Shulman has been apart of the Spotware team. During his time working with the company, he has held various roles. However, all have revolved around managing the development of the cTrader platform.
Shulman will be replacing CEO and founder of Spotware Systems, Andrey Pavlov. Pavlov, however, is not leaving the company. Instead, he will be changing his position to President of Spotware Systems. In his new position, Pavlov will focus on the firm’s global strategy and provide the technology provider with an overall direction.
Spotware Systems to update its cTrader platform
Furthermore, Shulman told Finance Magnates that the company is planning several updates to its cTrader platform. The updates aim to create an all-in-one experience for retail investors. To achieve this, the firm is in the process of merging its copy trading solution cMirror and its algorithmic trading solution cAlgo, with the cTrader platform. This update will unify the three solutions on all devices.
As Finance Magnates reported earlier this year, the company is planning to revamp cMirror and rename it to cTrader Copy, while cAlgo has been already renamed to cTrader Automate. All of the above updates will be done in several product updates.
Shulman noted: “the expected result is a transparent trading platform that will come with powerful trading tools, flexible copy trading, algorithmic trading and advanced analytics – all in one.
“From the very beginning cTrader was a transparent and fair trading platform designed with the Traders First™ approach in mind. This was achieved by introducing a PaaS (Platform-as-a-Service) concept that unified user experience and excluded the possibility of various manipulations, like faking database records – accounts, transactions and trades, injecting prices to the feed that immediately lead to traders’ losses, and other known techniques,” Shulman added.
“This approach benefits brokers too by showing their reliability and commitment to traders in providing them with a fair trading environment, which attracts more traders and gains their trust,” he stressed.