A new type of trading firm is emerging in the inchoate market for digital currencies: registered agency brokers.
Across the $300 billion digital currencies market, most institutions engage with so-called over-the-counter (OTC) trading shops. Many of them also function as brokers, who, on top of trading on principal, also answer their clients’ phone calls and trade on their behalf. To many investors coming from traditional asset classes, this practice is concerning, to say the least, according to BitOoda founder Tim Kelly.
Meanwhile, regulated agency brokers, which serve as the first point of contact when investors want to buy or sell a certain asset, have only recently made their debut — with firms like Tagomi and BitOoda as the crypto counterparts of Fidelity.
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In the crypto Wild West, a dose of Wall Street law and order might lure institutional investors written by Celia Wan @ https://www.theblockcrypto.com/daily/38674/in-the-crypto-wild-west-a-dose-of-wall-street-law-and-order-might-lure-institutional-investors?utm_source=rss&utm_medium=rss&utm_campaign=default September 17, 2019 Celia Wan