Broadbridge’s NYFIX order-routing network will be used by Coinbase. Ray Tierney, president of Broadridge Trading and Connectivity Solutions, says that the deal will help bring crypto trading to the institutional market.
A press release says that the cryptocurrency exchange Coinbase (COIN) is working with the financial technology company Broadridge Financial Solutions (BR) to improve the buy-side liquidity for traders.
Coinbase Prime is an all-in-one solution that lets you manage your crypto assets in a single place. It includes an advanced trading platform, safe storage, and premium services. Coinbase Prime not only gives aggregated access to most of the market’s crypto liquidity through a smart order router that is the best on the market, but it also gives the buy-side full prime brokerage capabilities.
With this integrated solution, all NYFIX clients can send order flow to Coinbase Prime using the FIX protocol, which is a standard in the industry. It also lets buy-side traders get crypto liquidity from Coinbase and trade right from their OMS, making sure that all compliance and regulatory checks are met. The solution is now available to customers in the US, and it will be rolled out to other regions as soon as the rules allow it.
Ray Tierney, President of Broadridge Trading and Connectivity Solutions, said, “Institutions are becoming more interested in the crypto space, but trading assets has remained difficult because messaging is only available through proprietary API interfaces.” “Now, thanks to Coinbase’s deep access to liquidity and NYFIX’s wide market reach, we can bring crypto trading to the institutional market by integrating more than 2,000 clients.”
Broadridge will give crypto exchange giant access to its NYFIX order-routing network, which pulls orders from multiple venues to increase liquidity.
Broadridge is one of a growing number of traditional finance companies that have joined the cryptocurrency market this year. This week, investment giant KKR put part of a private equity fund on the Avalanche blockchain, and asset manager BlackRock said that it will offer cryptocurrency to its institutional clients after partnering with Coinbase in August.
Ray Tierney, president of Broadridge Trading and Connectivity Solutions, says that the deal will help bring crypto trading to the institutional market.
