Blockchain-based capital markets infrastructure company OTCXN has announced the launched of LiquiMatch FX, an FX trading platform exclusively for institutional traders.
LiquiMatch FX has been set up as a dark pool within a lit pool – this means that traders will be able to make trades anonymously, but will have the option to show their liquidity when they wish to do so.
“We have signed up a large group of institutional market participants and are excited to have such prestigious clients join our trading venue,” said David Ogg, Head of FX and Trading Venues at OTCXN. None of the clients were listed by name in the announcement.
1/3 In early Q1, OTCXN will be launching its high-performance matching engine, LiquiMatch, as both a Dark Pool and Lit Central Limit Order Book hybrid ECN for cryptocurrencies. Clients on the network will be able to trade on liquidity across all OTCXN trading platforms…
— OTCXN, Inc. (@OTCXN) January 11, 2019
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The announcement of the platform’s launch also said that “major liquidity providers as well as multiple Tier-1 Banks” have been signed on board “to support their clients’ buy-side trading activity along with their bank’s treasury operations.” None of these partner institutions were listed by name in the announcement.
There will be some limitations with regards to trading on the platform, to begin with. Rosario Ingargiola, CEO and Founder of OTCXN, said that “initially, all trading is based on Prime Broker provided credit and limited to other prime-broked counterparties,” adding that he is confident that the platform will eventually “deliver much greater reach to new trading counterparties using its blockchain-powered infrastructure for the benefit of our supporting Prime Brokers and our mutual trading clients.”
A Busy Month for OTCXN
The launch of LiquiMatch comes on the heels of several important expansions for OTCXN, particularly with regards to its digital asset trading services. OTCXN launched its OTC Block Trading cryptocurrency trading venue in November of last year.
Earlier this month, the company partnered with Swiss asset manager Tyr Capital GmbH, a company that provides services for institutional investors as well as high-net-worth individuals and family offices.
Prior to the partnership with Tyr (and also after the first of the year), OTCXN added several crypto-related partnerships to its roster. The company onboarded OSL, the largest digital asset brokerage company in the Asia-Pacific region, as a Core Liquidity Provider in cryptocurrencies.
Additionally, TokenSuisse, a European provider for crypto asset investment solutions, joined the OTCXN network on January 17. Australian cryptocurrency exchange Independent Reserve joined the OTCXN network on January 14 in an effort “to bring institutional order flow to its exchange to increase liquidity for its growing client base.” Several days before that, algorithmic trading firm Fractal Wealth joined OTCXN’s network.