Cryptocurrencies have gained wide place acceptance, accumulating users who are owners of these crypto assets. These crypto assets are used as means of payment in business transactions and integrated into many everyday usages as an alternative to the existing sovereign currencies. However, following its emergence, there are about 120 independent cryptocurrency exchanges as at January 2018 expediting trading in 1000 separate countries. The daily trading is calculated well over 20billion USD for market volume with a total market cap of 700 billion USD.
These cryptocurrencies are traded against these sovereign currencies which are USD, GBP, JPY, CNY, and KRW amongst others which is a potential to grow to a 1-2 trillion USD market capitalization in 2018.
There is a steady upward surge in the demand for cryptocurrencies being observed by the asset managers in their portfolios where over 500 funds are prepared for entry into the crypto markets in 2018. Also, there are little or no regulations given or provided in the crypto market since the cryptocurrency market is still budding and large spreads are commonplace between exchanges on the same crypto pairs, permitting for an ample arbitrage chance.
There is a complex web of several exchanges given several means of funding, many KYC policies interfaces in a fragmented clutter for liquidity for the cryptocurrencies. This necessitates the need to open various accounts on different exchanges since trading is carried out in an automated fashion with the awareness of the prevailing prices. This will also lead to coding in different APIs demanding several types of findings and withdrawal processes. After all these are cleared and the participants must convert from fiat to BTC or ETH which might demand conversion to another exchange that doesn’t offer fiat.
Additionally, the fees paid for exchange commissions are expensive which becomes an issue for crypto space given the percentages charged which are supposed to be in the scope of 0.1– 0.25% range per transaction (10 to 25 basis points). Since there are no central regulations and authority the effective fees for exchange are much more expensive.
Taking note of the foregoing, XTRD is introducing a 3 distinguished products that are in consecutive stages to mitigate against issues coming from having so many separate markets that includes a low per market liquidity, regular unfamiliar interfaces that drags behind the financial industry benchmarks. The proffered solution by XTRD are:
Stage 1: Implementation of the multi-fix API.
Stage 2: Launching the XTRD trading platform.
Stage 3: SPA (single point of access) Liquidity aggregation/cross- exchange execution.
FIX which means financial information exchange was created to serve as a universal language for international financial transactions to separate it from other forms of communication. Created since 1992 there was a need to communicate using a universal language between brokers, exchanges, mutual funds, investment banks, and direct market access participants. This is hugely used in the global equity markets and also for the currencies, bonds, and derivatives.
However, there is currently no available FIX interface for cryptocurrency exchanges.
XTRD is introducing a low latency FIX based API that will connect all crypto exchanges to make it simpler for various institutions, hedge funds, and algorithmic merchants to access all cryptocurrency markets by coding to only one FIX application. Coding to the FIX application will bridge many market participants to easily add manifold exchange crypto execution to their existing transaction systems.
Currently, the bulk of the financial managers and active traders make use of a wholesome, safe, standalone, downloadable applications that lets for a quick order entry, instant execution, advanced charting instead of using web-based trading platforms to ingest market data and trade.
This is unlike the case in crypto space where such a medium is absent except for web-based platforms which slow and difficult to navigate. However, XTRD is introducing the XTRD pro platform which is highly robust, multi-exchange enabled and a standalone trading platform for active traders characterized by an advanced consolidated order books, hotkey order entry, and custom order types, with 24/7 uptime.
XTRD is offering a single centralized point which will be used to aggregate liquidity through exchanges for traders. This aggregation will provide the traders with information on the best prices to clear at while offering the least transaction cost with just an account for the client. Also, XTRD SPA will be expedited through a Joint Venture (JV) partnerships with existing exchanges to lessen the regulatory hurdles.
XTRD is loyal to appropriating as the major trusted US major platform for financial players to simply execute transactions based on crypto and will also generate revenues through execution fees, market data sales, VPS service and from a lot of other channels.
The XTRD token will be used on the platform via the cryptographic community which is ERC-20 compliant based on the Ethereum blockchain and will serve as a means of payment by trading participants for services provided on the XTRD platform. #XTRD, #cryptocurrency, #cryptotrading.
The team is made up of prolific individuals with a wealth of experience from various areas of experience. A brief of their various profiles is shown below:
To find out more about XTRD, use any of the following links:
WEBSITE: https://xtrd.io
WHITEPAPER:https://xtrd.io/xtrd_whitepaper.pdf
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