There have been several crypto platform launches this year that suggest the market may finally be achieving sufficient maturity for the traditional finance world.
Cyaptor and Crossover Markets, for instance, which went live in April and July, respectively, aim to provide a bridge for market participants to trade spot cryptocurrencies on foreign exchange-like platforms that they are already familiar with.
The launches followed the collapse of FTX in November last year, which sparked demands for separate custody services from the exchanges, and to have FX prime brokerage-style arrangements that can better manage credit relationships.
The key feature of this new breed of platform is that they are execution-only electronic communication networks (ECNs), meaning clients need a credit sponsor to trade on them.
