XTRD, a technology company building institutional-grade trading products for cryptocurrency trading, has announced the finalization of integration with CEX.IO, a cryptocurrency exchange with over 2.7 million users which recently announced their expansion into the US market.
XTRD CEO, Alexander Kravets, and CTO, Serge Gulko, will assume CEO and CTO roles of CEX.IO’s US offices and lead the institutional division of the company.
Partnership
XTRD and CEX.IO will jointly offer an institutional product where CEX.IO institutional clients will be able to utilize the worldwide XTRD market data and order routing network with a unified FIX API and Virtual Private Server/Colocation services, allowing for access to most liquid digital asset exchanges with just one standard API and hosting hardware for high-frequency traders and hedge funds in XTRD’s secure cage at Equinix NY4.
Existing XTRD clients can open accounts at CEX.IO and leverage their crypto-fiat gateway with reliable worldwide banking, margin trading, payment services, clearing, proprietary AML/KYC solutions, and licensing in multiple jurisdictions including Gibraltar, US, Cyprus, and the UK. XTRD will manage these direct relationships and engage in institutional business development.
In addition, the two companies will collaborate on the joint development of the XTRD Single Point of Access (SPA) product leveraging XTRD routing technology with CEX.IO’s liquidity worldwide and combined XTRD and CEX.IO digital exchange relationships. SPA allows professional traders to trade across multiple exchanges with aggregated liquidity and one access point, freeing them from the headaches of maintaining multiple accounts and API integrations across disparate exchanges while bearing counterparty risk.
CEX.IO will custody all accounts and settle trades in compliance with local regulations worldwide, while XTRD will handle the technical and order routing mechanism, as well as relationship management.
The XTRD utility token will be accepted as a means for payment of services of joint institutional XTRD/CEX.IO products and a liquidity pool is planned at CEX.IO to facilitate XTRD token purchases by product users.
“Our partnership with XTRD becomes a foundation for the whole line of services that speaks to the needs of our institutional clients. These clients require mature and robust technology and tools to capture opportunities offered by the digital asset landscape. As clients’ interests have always been a top priority at CEX.IO, working with the talented team of XTRD, allows us to provide the level of service that our professional clients deserve. Single Point Access is the first product we’ll be ready to launch with XTRD over the course of this year. It will mark the beginning of the entire ecosystem of products, which we look forward to bringing to market with our joint effort.“
– Oleksandr Lutskevych, CEO of CEX.IO
CEX.IO has recently launched a dedicated US presence after obtaining nine Money Transmitter licenses. The company can immediately serve residents in 28 states, with plans to eventually expand to all 50 states. CEX.IO was founded in 2013 and was one of the first crypto exchanges to offer purchases of cryptocurrency for credit and debit cards. CEX.IO maintains a strong network of payment service providers and banking relationships and actively collaborates with regulators to adjust local laws to the fast-pacing blockchain industry. 2.7 million registered users across 224 countries and territories use CEX.IO products and services for all their cryptocurrency needs.
XTRD was founded in 2017 by a team that has over 30 years of combined extensive real-world experience building robust, battle-tested trading systems in FX, Equities, Derivatives, and other instruments. They have specialist knowledge in all facets of brokerage services, execution, market data, trading platforms, clearing, settlement, algorithmic trading, and automated trading systems. XTRD principals and advisors have worked in active trading firms all over the world as well as large financial institutions.