Bitcoin’s about to get easier for Wall Street pros to trade

Los Angeles - 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, whose products let traders buy and sell on major exchanges, plans to add the cryptocurrency marketplace Coinbase to its roster of venues in March, according to a statement on Thursday. Coinbase, the biggest US crypto market, offers Bitcoin, Bitcoin Cash, Ether and Litecoin.

This will strengthen ties between the professional trading community and cryptocurrencies, letting them use software they’re already accustomed to. And the connection might enable arbitrage between Bitcoin and the Bitcoin futures contracts offered by Cboe Global Markets and CME, 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,” Rick Lane, the chief executive officer of Trading Technologies, said in a phone interview.

“They’re largely underserved and there’s a lot of trading volume and trading opportunity left on the table.”

TT, as the company is known, 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 and CME started offering Bitcoin futures on their exchanges last month. Together, they handled contracts worth about $150m of Bitcoin on Wednesday, according to data compiled by Bloomberg.

The partnership between TT and Coinbase “will absolutely move the needle in terms of the futures volume”, Lane said.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

ZAR/USD
17.17
(-0.96)
ZAR/GBP
22.47
(-0.79)
ZAR/EUR
20.22
(-0.84)
ZAR/AUD
12.24
(-0.65)
ZAR/JPY
0.16
(-0.90)
Gold
1975.66
(-0.27)
Silver
24.30
(-0.46)
Platinum
919.76
(+2.03)
Brent Crude
43.61
(0.00)
Palladium
2082.00
(+1.21)
All Share
55829.40
(+0.19)
Top 40
51571.71
(+0.40)
Financial 15
9805.08
(-3.46)
Industrial 25
74738.74
(+0.31)
Resource 10
56585.24
(+1.85)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 817 votes
It depends on how the funds are used.
74% - 5406 votes
No. We should have gotten the loan elsewhere.
15% - 1080 votes
Vote