In another sign Trading Technologies is going all in on the cryptocurrency space, it announced today a new trading platform just for digital currencies called TT Crypto.
Mike Unetich, vice president of cryptocurrencies at TT, said the move could be a game changer for the company. The firm expects initial users to come from its existing customer base, as some users were prevented from trading cash crypto for their own account on the traditional TT platform. This allows some high-powered traders who want to trade bitcoin, litecoin, ethereum and other digital currencies to use essentially the same platform they use daily. But TT sees a much bigger market out there – from retail traders who want to trade with a professional-grade platform to institutions who may want something more robust to trade the cash markets.
“There is a chance that this success in crypto, and it being driven by a new retail customer base, could really fundamentally change TT over the course of the next year,” Unetich said. “I haven’t seen another opportunity like this for TT access in a long time, so it is exciting from that perspective.”
The new offering is interesting in several ways. For starters, it has made the on-boarding process to trade on Coinbase‘s GDAX exchange for retail and professional customers as simple as possible. Filling in a form with an email, name, address and API keys will get GDAX customers on TT Crypto. (Users must have a GDAX account set up beforehand). The platform is currently free but exchange commissions will still apply.
TT believes this onboarding process will open the TT trading platform to GDAX’s massive customer base. It’s unknown how many GDAX customers there are, but its parent company Coinbase boasts more than 13 million users in 32 countries and the platform has processed more than $150 billion in trade volume. TT Crypto also features virtually all of the functionality of the regular TT platform. Everything from its auto-spreader to the algo design lab (ADL) will be open to users.
The announcement marks the second splash the firm has made in the crypto space. It went live in March with its connection to GDAX, as the first established ISV to do so.
Currently, TT is only offering GDAX on TT Crypto. It has consistently said it is looking at other cash markets but is taking its time in working out all of the issues and bugs that come with connecting to a cash crypto exchange.