Binance Jersey ties up with Galaxy-backed crypto platform, aiming to increase trading volumes in Europe
August 15, 2019, 6:40AM EDT
1 min read
Fiat-to-crypto exchange Binance Jersey has collaborated with Galaxy Capital-backed institutional trading and portfolio management platform Caspian, aiming to increase trading volumes in Europe.
The partnership will allow Caspian’s clients to trade “new pairs faster and more efficiently than ever before,” said the firm’s managing director, Chris Jenkins, in an announcement Wednesday.
Binance Jersey, on the other hand, will benefit from Caspian’s order and execution management system, according to the exchange’s CEO, Jon Day. He added that the partnership will “significantly improve day-to-day trading facilities.”
Caspian provides access to over 30 spot exchanges and 7 derivatives exchanges via a common interface. Besides Galaxy Capital, the platform is backed by Kenetic Capital, Octagon Strategy, Techemy Capital and others, having raised $16 million last October.
Binance Jersey was launched earlier this year on the island of Jersey, a British self-governing dependency, targeting traders in Europe and the U.K. It allows users to trade cryptocurrencies against the British pound and the euro.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.