Crypto technology company XTRD has announced an “integration partnership” with cryptocurrency exchange CEX.IO to create an institutional services division within the latter business. 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.
“The collaboration of XTRD with CEX.IO provides us with an incredible platform to service institutional clients with existing and future XTRD products, working together as originally described in our white paper,” says Kravets. “We will continue to build products and services in the XTRD ecosystem, but we will now have the ability to leverage the CEX.IO platform, which is fully regulatory compliant and licensed across many jurisdictions around the world, including much of the US and EU. As many exchanges have recently announced their plans to leave the US market, CEX.IO will be moving in, and this is a great opportunity for both companies to join forces and build a top-notch, first of its kind institutional trading services and technology division.”
The two firms will jointly offer a product where CEX.IO institutional clients will be able to utilise the XTRD network with a unified FIX API and virtual private server/co-location services, allowing for access to digital asset exchanges with one standard API and hosting hardware for high-frequency traders and hedge funds at Equinix NY4. Existing XTRD clients can open accounts at CEX.IO and leverage their crypto fiat gateway with worldwide banking, margin trading, payment services, clearing, proprietary AML/KYC solutions, and licensing in multiple jurisdictions including Gibraltar, US, Cyprus, and the UK, the firms say. 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 product that allows 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,” says Oleksandr Lutskevych, CEO of CEX.IO Global. “These clients require mature and robust technology and tools to capture opportunities offered by the digital asset landscape. 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.“