Wall Street Pros Find Bitcoin Getting Easy to Trade
$BTCUSD , $CME, $CBOE
The company that developed one of the most popular pieces of trading software is about to make it easier for professionals to bet on cryptocurrencies such as Bitcoin.
Trading Technologies International Inc., aka TT, whose products let traders buy and sell on major exchanges, plans to add the cryptocurrency marketplace Coinbase Inc. to its roster of venues in March, according to a statement Thursday.
Coinbase, the biggest US crypto market, offers Bitcoin, Bitcoin Cash, Ether and Litecoin.
Currently, Bitcoin is trading at: 11,362.2646, -53.4502, or -0.47%, as of 4:43a GMT, the market is open.
This will strengthen ties between the professional trading community and cryptocurrencies, letting them use software they’re already accustomed to.
The connection may very well enable arbitrage between Bitcoin and the Bitcoin futures contracts offered by Cboe Global Markets Inc. and CME Group Inc., which Trading Technologies customers can already trade.
“Institutions are trading with increasing frequency and regularity in these markets, although they’re doing so without institutional-grade, professional-grade technology,” the CEO of Trading Technologies, said.
“They’re largely underserved and there’s a lot of trading volume and trading opportunity left on the table.”
TT says it counts 19 of the 20 largest firms that deal in futures as customers and connects to nearly 45 markets around the world.
Cboe (NASDAQ:CBOE) and CME (NASDAQ:CBOE) started offering Bitcoin futures on their LaSalle Street exchanges last month.
Together, they handled contracts worth about $150-M of Bitcoin on Wednesday, according to the avaible data.
The partnership between TT and Coinbase “will absolutely move the needle in terms of the futures volume,” the TT official said.
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