smartTrade, an electronic trading solutions provider, announced today that it would be adding cryptocurrencies to its FX trading platform. SmartTrade clients using the firm’s LiquidityFX (LFX) platform will now have access to the ten largest cryptocurrencies.
The move comes as institutional investors demand greater access to the crypto market. While many have been able to trade bitcoin, demand has now also shifted to encompass other cryptocurrencies on the market.
smartTrade claims that many firms have also struggled when trading in crypto. They note that the underlying blockchain technology that supports crypto trading means the market is highly decentralized, making it difficult to accurately price cryptocurrencies.
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The current LFX system may be able to tackle this problem. The company does not plan on breaking into the brokerage market and so doesn’t have any impetus to tap into a specific exchange’s market.
At the same time, the firm claims its new service will allow users to connect to all of the major crypto exchanges. It also offers software that enables clients to have a solid view of market liquidity and place orders with smart order routing.
David Vincent, CEO of smartTrade Technologies, commented on the addition to the LFX system, saying: “Where inquiries and discussions in 2017 were mainly related to Bitcoin, we now start to see an increasing interest from institutions to be able to trade multiple cryptocurrencies. Therefore, we decided to explore and invest in connectivity to various crypto exchanges, providing our customers with electronic trading access to hundreds of different cryptocurrencies.”