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Jump Trading, a Chicago-based firm, has built an OTC platform for electronic bitcoin trading, according to people familiar with the matter.
Its graphical user interface allows it to trade with counterparties electronically in a way that leaves a clear audit trail and records, rather than via phones or Skype.
Development - Company - Crypto - Market - Sign
The development shows the company is seriously exploring the crypto market and is a sign that market is maturing.
Cryptocurrencies are viewed by many of their evangelists as one of the most groundbreaking financial innovations of the modern age. But the way crypto trades looks like something out of an old-school Wall Street flick.
Part - Trading - Firms - Crypto - Trades
For the most part, trading firms are making multimillion-dollar crypto trades over the phone, not electronically. DRW's crypto arm, Cumberland, uses Skype calls to conduct its bitcoin dealmaking, Reuters reported.
But Jump Trading, the Chicago-based firm, has built a platform that will allow it to take the other side of large crypto trades electronically with its counterparties, according to people familiar with the matter. The so-called graphical user interface allows those counterparties to interact with Jump on a desktop. It does not allow users to connect to external trading exchanges.
Jump - Trading - Strategies - Frequency - Trading
Jump is known for its ultra-high-speed trading strategies, but it has also been developing what it calls a "lower frequency trading strategy." It's also known for its discretion, with little information on the firm available on its website.
The new platform shows that Jump is taking the new market for cryptocurrencies seriously, according to a person familiar...
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