By now, we hope you’ve heard the big news: not only will TT be expanding into a new asset class, crypto (!), but also we’ll be doing it with a connection to Coinbase’s Global Digital Asset Exchange (GDAX).
“Why now?” “Why GDAX?” “How do I get involved?” “Will TT offer full functionality for crypto trading?” These are all questions we expect to be hearing in the upcoming days.
Why Crypto, Why Now?
The crypto market has gone mainstream as an asset class. A couple years ago, the ecosystem wasn’t yet prepared to handle large traders, and our customers weren’t asking for crypto. That all changed in 2017. With ever-increasing frequency, the professional trading community—our core user base—was coming to us asking if we’d consider adding these markets to our platform. Large traders and trading firms were eager to actively trade these markets but felt there was a lack of institutional-grade technology to support them. It became clear to us we had an obligation to provide the tools this community needed to confidently trade these markets, in a way with which they were familiar. My own personal experience included a lot of frustration trying to place or modify working orders, view market data, and just have an experience similar to what I was used to and an experience all traders deserve.
We looked at our customer base—professional traders—and how they would use our software. We considered which exchanges have the best reputations and the best ability to handle large customers and gain from our growth in institutional business. We looked at and listened to TT customers about what they want to trade. And we considered which exchange saw the most value in partnering with TT, thus opening up a pathway into our prop, hedge fund and institutional customer base. We liked the idea of pairing our industry-leading reputation with another that’s #1 with institutional clients. Owned by Coinbase, one of the leading giants in crypto, the GDAX exchange kept hitting the top of our list.
How do I get involved?
U.S.-based GDAX services much of the world, but not every region at this time. They are working every day to expand their operating footprint. If you’re in an eligible zone, the first step to trade cryptocurrencies on TT is to create a GDAX account. Let your TT sales rep know you are in the process, and we might be able to help prioritize your application. Visit TT’s website to get more information on accessing GDAX through TT.
Will TT offer full functionality for crypto TRADING?
Yes, that is our goal! There are certain crypto-specific issues we’ve never had to deal with before, such as fractional order quantities, but rest assured we are already diligently at work assessing all functionality needs.
Where would my crypto assets be held?
Your assets will be stored in your GDAX account. GDAX maintains approximately 98% of your crypto assets in “cold”—aka offline—storage. Also, all digital assets held in “hot”—aka online—storage are fully insured and all USD balances are covered by FDIC insurance, up to a max of $250,000 per customer. The Coinbase app has recently been the most downloaded app in the Apple App Store, and is a great tool if you’d rather store your digital assets in a personal wallet.
Contact TT with more of your questions and we’ll help set you up to trade. And welcome to TT’s version of crypto.