Broadridge Financial Solutions has partnered with Coinbase to offer interoperability between Coinbase Prime and Broadridge Trading and Connectivity Solutions’ (formerly Itiviti) NYFIX order-routing network.
Coinbase Prime is a solution that provides a trading platform, secure custody and prime services to manage crypto assets in one place. The solution provides aggregated access to crypto liquidity via a smart order router, alongside providing the buy-side with full prime brokerage capabilities.
The new integrated solution will allow NYFIX clients to route order flow to Coinbase Prime through industry standard protocol, FIX.
Buy-side traders will also be able to source crypto liquidity from Coinbase and trade directly from their OMS, enabling compliance and regulatory checks to be adhered to.
“Despite short-term cycles, momentum in institutional adoption is trending one way – toward more exploration and more interest,” said Greg Tusar, vice president of institutional products at Coinbase.
“Utilising the NYFIX order-routing network, this partnership puts deep, multi-venue crypto liquidity on more buy-side traders’ desks, lowering barriers for participation in this growing asset class.”
The new solution is currently available to US domestic clients, with plans for expansion into additional regions as regulations allow.
“Institutions are increasingly interested in the crypto space but trading assets has remained a challenge because messaging is only available through proprietary API interfaces,” said Ray Tierney, president of Broadridge Trading and Connectivity Solutions.
“Now, through Coinbase’s deep access to liquidity and NYFIX’s extensive market reach, we can integrate more than two thousand clients to bring crypto trading to the institutional market.”
Coinbase’s partnership with Broadridge follows a similar move with BlackRock last month, which provided institutional clients of BlackRock’s end-to-end investment management platform, Aladdin, with direct access to crypto through Coinbase Prime.
The partnership saw the two firms create new access points for institutional crypto adoption through the connection of their Coinbase Prime and Aladdin platforms.