What is important to know for institutional trading firms willing to delve into cryptocurrencies?
Crypto did not start out the same way other more established markets did. Retail came before institutional trading and the initial exchange solutions were not built upon financial grade technology, agreed standards, security protocols, vigorous testing and experience gained from other financial markets.
The crypto market needed major reform before institutions would be able to take up trading. Even with enormous interest in this new asset class, no sane risk department, at any respectable financial institution would ever let their trading desks touch crypto without having at least some basic familiarities to the traditional financial markets model. Technology is just one of the areas that differentiates the market for institutional clients. The lines among the different cryptocurrency industry providers are increasingly blurred between retail and institutional.
What can Devexperts do for firms in the institutional crypto space?
Brokers and exchanges looking for something more familiar in terms of trading technology is where Devexperts can help. We have a track record of delivering institutional grade trading systems to firms across different asset classes. Devexperts are able to offer both Crypto margin CFD and Crypto multi-currency Spot trading platforms to brokers, as well as a proven matching engine for those who wish to run an exchange. On top of our standard offerings which can be hosted or deployed we are able to fully customise our platforms, for firms looking to differentiate themselves. We have a large experienced team and can quickly deploy engineers to work on specific projects, making changes to the backend as well as our web and native mobile applications.
What other development is needed to help onboard financial institutions?
Beyond the trading platforms, the race to integrate across the market is a really important area for our Crypto clients. As many firms started in retail, the types of APIs are quite diverse, it’s not like in FX where you know you are going to be able to connect with the FIX protocol quickly and easily. Because of the way they started, some exchange APIs are not as stable as we expect in the traditional markets, so it’s important to make sure integrations are able to handle these events, reconnect automatically, divert if needed and escalate. On top of market data and trading connectivity, we also do a lot of work on integrations with custodians and wallet providers, some of which can be quite complex catering for special broker and sub accounts.
You have recently announced a partnership with GCEX. Who is this aimed at?
This integration is aimed at brokers wanting the latest trading technology and a seamless integration to access both FX and Crypto Liquidity. The solution caters for Crypto Spot as well as FX/Crypto CFDs, which can help firms move to a multi asset offering. When you combine Devexperts’ trading platforms with the excellent liquidity GCEX provides, this creates a harmonious offering for all types of brokers covering FX and Crypto.