Coinbase to bring cryptocurrency to Wall Street – Analysts expect markets to bounce back
San Francisco based cryptocurrency exchange Coinbase announced a partnership with Chicago-based technology provider, Trading Technologies International. These two trading companies are uniting in order to make cryptocurrency investing more appealing to traditional financial service firms.
This collaboration intends to facilitate Bitcoin, Ethereum, Bitcoin Cash and Litecoin trading for institutional investors, like proprietary traders, brokers, money managers, CTAs, hedge funds and risk managers worldwide.
Partnering with Coinbase, which is already an operator of one of the world’s largest and most trusted digital asset exchanges, Global Digital Asset Exchange (GDAX), will allow the wide customer base of Trading Technologies to trade both spot and derivative market side-by-side for the first time starting March 1, 2018.
Rick Lane, CEO of Trading Technologies, says,
“We are pleased to partner with Coinbase, the leading digital asset exchange, so that cryptocurrency traders of all styles are able to leverage our robust and powerful suite of trading tools. Furthermore, we have begun collaborating to deliver enhanced and asset-class-specific functionality on the TT platform for cryptocurrency trading,”
Adam White, General Manager of GDAX, commented on the deal, saying,
“The partnership between Coinbase and Trading Technologies will provide essential trading and hedging tools across the market. The offering is timed perfectly, just as futures on Bitcoin are taking form. TT provides one of the most powerful and ubiquitous tools to today’s futures trader.”
Currently, Trading Technologies is connected to 45 markets worldwide, including both Cboe Global Markets Inc (CBOE.O) and CME Group (CME.O). The volumes for both CBOE’s and rival CME Group’s bitcoin futures market have been low. Partnering with Coinbase, Trading Technologies’ user base has directly accessed the automated trading tools to trade cryptocurrencies on GDAX.
Michael Kraines, Chief Commanding Officer of Trading Technologies, reiterated:
“This unparalleled strategic relationship means that for the first time ever, the institutional community can utilise our best-in-class professional trading tools to access both listed derivative and GDAX’s exceptional cash cryptocurrency offerings, side by side on one screen. Together, TT and Coinbase are setting the stage for the next evolution of the cryptocurrency markets and leveling the proverbial playing field for all.”
Michael Rupert, a cryptocurrency investor from 2012 says,
“Can you imagine what’s going to happen now? Institutional investors are basically bigger than the current ‘whales’ in the cryptocurrency markets, everything is going to boom, I don’t think Bitcoin is stopping at $100K, it’s going beyond”