AlphaPoint’s Work-in-Progress: One Account, 20 Bitcoin Exchanges

By May 1, 2015Bitcoin Business
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AlphaPoint’s Work-in-Progress: One Account, 20 Bitcoin Exchanges

New York-based digital currency platform AlphaPoint is reportedly working on a service “that will allow institutions to open one account and get access to 20 exchanges through a router.”

Founder of AlphaPoint, Joe Ventura made the revelation at the Inside Bitcoins NYC event and expects the final product (beta version) to be released in a month. The innovative service will primarily target large traders, like hedge funds and proprietary trading firms, added Joe.

Having access to 20 exchanges through a single account will make it tremendously easier to trade Bitcoin in the financial markets. Many prominent Wall Street trading firms, which have until now stayed away from the digital currency, are expected to dip into the illiquid Bitcoin markets following this advancement.

Declining to give any names, AlphaPoint’s CEO Vadim Telyatnikov said that the tech company has partnered with another firm that will work as a clearinghouse. The clearinghouse will act as “a single point of contact for traders, and will be responsible for vetting exchange partners and assuming counter-party risk.

Interested Wall Street trading firms will be keenly awaiting the details of the clearinghouse; expectations are high that the company acting the role will be reputed.

AlphaPoint also has a geographical advantage over other technology firms in the digital currency sector. With its headquarters in New York, the software company is in close proximity to the Wall Street trading firms and banking institutions, and serves as an ideal service provider to meet large trading orders. Following the lead, some industry leaders including Coinsetter and itBit have relocated some of their operations to New York. itBit recently filed for a banking license in New York to branch out into different financial services.

The white label digital currency remarketer also made positive news when it supported the launch of the Australian Bitcoin exchange DWVx.

Founder of AlphaPoint , Joe Ventura made the revelation at the Inside Bitcoins NYC event and expects the final product (beta version) to be released in a month. The innovative service will primarily target large traders, like hedge funds and proprietary trading firms, added Joe.

Having access to […]

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