Beeks Financial Cloud has expanded its cloud hosting and connectivity offering into the cryptocurrency market. The step is a new milestone for the firm that has lately been focusing on diversification of its products after venturing into fixed income earlier this year.
The London-listed company’s new product is based on a collaboration with one of the leading cryptocurrency exchanges, Gemini. The digital assets exchange which is located in New York has signed a partnership agreement with Beeks Financial Cloud, setting up an alliance between the firms.
Beeks will be providing direct connectivity to Gemini via the Beeks Cloud service. Clients of the new service will be able to trade Bitcoin and Ethereum in a secure and safe environment with a regulated counterpart.
ACY Securities Supports ASIC’s Product Intervention OrderGo to article >>
Gemini is regulated by the New York State Department of Financial Services (NYSDFS). The exchange is subject to capital reserve requirements, cybersecurity requirements, and a set of banking compliance standards which are designed by the regulator in accordance with the New York Banking Law (NYBL).
The partnership with a regulated subsidiary is one of the key points for the continued growth of digital assets. Trading of Bitcoin and Ethereum is generating a hefty amount of volumes already with the regulatory framework for digital assets which is currently under development sets the stage for the next generation of popular trading assets.
Beeks highlights that a collaboration with a fully-licensed exchange such as Gemini was an appealing move for the firm. The direct connection to the exchange will be available as part of a Beeks Crypto-Connect package via the Beeks Marketplace. The offering includes a dedicated server and a cross-connect within the Equinix NY4 datacentre location.
“This is a service that many of our institutional clients have been wanting for some time, with the cryptocurrency industry as significant as it is. The high level of regulation on the Gemini Exchange provides our customers with an assurance of greater security in a volatile market,” explained Beeks’ CEO, Gordon McArthur.