In 2017 the whole crypto-sphere including government and media witnessed one of the most eye-opening bull runs, deja vu in the cryptocurrency market. From $17 billion, the market cap climbed to over $800 billion, reaching its acme on the 7th of January 2018 to nearly $814 billion. The unbelievable climb has clearly grabbed the attention of many experienced- and new investors alike. However, as unbelievable as was the climb, as incredible was the ‘correction’ that soon followed after. Ever since reaching its acme, the market has been in a rapid decline, with its current low reached on the 30th of March 2018, hitting somewhat north of $254 billion.
When Prime Brokers Enters Crypto
The sweet memories of our once glorious portfolio, many are left scratching their heads wondering: “What did I do wrong?”. However, from this phenomenon, the numbers of Crypto Investors and Traders grow rapidly. But, despite the growing popularity of cryptocurrencies, people, in general, are still skeptical to consider it as an efficient medium of trading and investing, as many cryptocurrencies exchanges no longer support all the things that a trader needs. From Here, Prime Brokerage Services Are Coming to Crypto.
Crypto, thus far, is lacking its Goldman Sachs. Sure, it’s got giants in Binance, Coinbase, and Huobi, but no one can provide a complete suite of services for institutional investors. But all that could be about to change. Troy Trade, a Hong Kong-based company is one of the firms gunning for the mantle of crypto prime brokerage. It promises to supply sophisticated investors with the sort of tools that the Goldmans of the world have been providing financial firms for years.
Instead of opening a new Crypto exchange, Troy Trade just focused on professional traders. It is designed for professional traders and large money managers. Unlike centralized exchange who takes your tokens and offers you the ability to trade based on that deposit. A prime brokerage may or may not act as custodian of its clients’ funds, and will be able to guarantee its clients that they know who is the custodian of their digital assets. According to Troy Trade, its services include:
Master-level trading platform :
One account with a single interface enables full access to the aggregated liquidity of all crypto exchanges. Some key functions include smart order routing, flexible account management, settlement service, and automatic risk control.
Sophisticated Data Analytics:
Empower customer’s decision making with a sophisticated framework of data matrix including blockchain data, trading data, market data, social data, and media data optimized by AI and quantitative models.
Diversified Brokerage Service :
Competitive fee rate and superior order execution speed. Real-time fund transfer and settlement service. Provide margin trading and OTC services with advanced convenience.
Full Stack Quantitative Solutions:
Infrastructure powered by co-location service to better the performance of high-frequency trading algorithms. Offer best-in-class exposures to quantitative solutions with straight-through processing, precise tick historical data, and strategy assessment systems.
The whole platform will be fueled by it’s Troy native Token (TROY) which can be used for trading fees as well as to quickly link up two assets that do not otherwise have active or liquid markets. Also, token holders will be able to act as a broker, and these users are rewarded with extra TROY from the mining pool. TROY is a utility token that helps facilitate investment services for today’s crypto products as demonstrated by Binance’s BNB or Huobi’s HT tokens.
Troy Trade is already well-funded before it entering the market, in fact, it completed a $10 million USD fundraising which saw investments by BlockVC, NGC Ventures, Signum Capital, Consensus Labs, Bixin Invest, etc.