Coinbase, one of the biggest crypto exchanges on the market, has partnered with Caspian, the token-based trading protocol startup Caspian. This way, Coinbase hopes to boost its offers aimed at pro traders and financial firms — an area where Caspian specializes most.
Caspian, which cooperates 25 crypto trading platforms, including Coinbase, Gemini, Bitfinex, Poloniex, Huobi, OKEx and Binance, notes that the company will integrate with Coinbase Prime “to bring additional sophisticated trading and portfolio management functionality to Coinbase’s customer base, with the possibility for further integrations in the future.”
The company is a new marketplayer and is a joint venture of Kenetic, a crypto firm based in Hong Kong, and Tora, a trading systems firm that already supplies order execution, portfolio management, risk assessment and compliance services for well-established asset classes. According to Robert Dykes, CEO of Caspian, they are delighted “to cement the important partnership” with Coinbase.
Concurrently, Kayvon Pirestani, director of institutional sales at Coinbase, noted that “By working together, Coinbase and Caspian will deliver institutional-grade order and risk management tools to the growing number of professional crypto trading firms around the world. Customers will be able to take advantage of the best elements of both platforms – accessing Coinbase’s extensive historical market data and deep pool of liquidity, and combined with Caspian’s suite of seamless trading tools.”
Pirestani views the partnership as more than just a commercial opportunity explaining that it is a way to “move forward the institutional adoption of crypto as a mature, tradable asset class.”
Previously Caspian carried out a couple of string of high profile collaborations with Galaxy Digital and Blocktower. The protocol, which describes itself as a complete asset management solution that covers the lifecycle of the trade, wants to establish an easy-to-use single interface which will unite institutional investors and active traders with multiple trading platforms. Ultimately, the market players will benefit from Caspian’s purpose-built Smart Order Router, a “software used by banks and brokers to optimize execution by using advanced routing rules and algorithms when directing orders to multiple trading venues.”
It is noteworthy that Coinbase is increasingly active lately. This year, it managed to double its staff members and attract high-profile employees like Michael Li, former executive from LinkedIn. Besides, Coinbase has revealed that it will head up a lobbying group called the “Blockchain Association.” The group will unite multiple firms throughout the blockchain and cryptocurrency space.