cryptoknowmics.com
Global fintech leader Broadridge Financial Solutions, Inc. (NYSE: BR) has partnered with Coinbase to enable integration between Coinbase Prime and the NYFIX order-routing network of Broadridge Trading and Connectivity Solutions, increasing liquidity and broader access to cryptocurrency trading. Greg Tusar, Vice President of Institutional Products at Coinbase, stated,
"Despite short-term cycles, momentum in institutional adoption is trending one way - toward more exploration and more interest. Utilizing the NYFIX order-routing network, this partnership puts deep, multi-venue crypto liquidity on more buy-side traders' desks, lowering barriers for participation in this growing asset class."
Facilities By Coinbase Prime
Coinbase Prime offers a cutting-edge trading platform, safe custody, and "prime services" to control cryptocurrency assets centrally. In addition to providing the buy-side with complete prime brokerage capabilities, Coinbase Prime also gives aggregated access to the bulk of the market's crypto liquidity through a market-leading smart order router. NYFIX clients can route order traffic to Coinbase Prime via FIX, a widely accepted protocol. It enables buy-side traders to access Coinbase's crypto liquidity and execute trades directly from their OMS. Currently, the service is available to domestic US clients and will be expanded to other locations when rules allow. According to Ray Tierney, president of Broadridge Trading and Connectivity Solutions,
"Institutions are increasingly interested in the crypto space, but trading assets has remained a challenge because messaging is only available through proprietary API interfaces. Through Coinbase's deep access to liquidity and NYFIX's extensive market reach, we can integrate more than two thousand clients to bring crypto trading to the institutional market."
Other Collaborations Of Coinbase
Broadridge is the latest traditional financial institution to enter the crypto industry this year, joining a growing list of others. Last week, the world's largest investment firm, KKR, placed a piece of a private equity fund on the Avalanche blockchain. In August, the asset management company BlackRock partnered with Coinbase and said it would start offering cryptocurrency to institutional clients.