On 13th June Caspian, a full-stack crypto trading platform announced on Twitter that they are joining hands with Michael Novogratz’s ‘Galaxy Digital’. This partnership aims to help ‘drive the institutionalization of cryptocurrency markets’.
Michael Novogratz is the CEO of Galaxy Digital, a full-service digital assets merchant bank. The company raised about $250 million in a private placement for funding a round of securities that were then sold through a private offering. Digital Galaxy is joining the Caspian team as a ‘technology consultant’ and adviser in the future development of the platform.
Caspian is an asset management solution that covers the lifecycle of the trade by providing a single interface to all major crypto exchanges. The company has products like:
- OEMs [Order Execution Management System]: This product helps users connect to all major crypto exchanges and manage crypto assets.
- Portfolio Management Service [PMS]: This product focuses on tracking portfolio and collocating all user data under one platform.
- Root Mean Square [RMS]: This product has features like ‘accurate reconciliations’ that ensures transactions have been correctly executed and real-time valuations.
Robert Dykes, CEO of Caspian, aims at building a community at Caspian that can enable sophisticated and experienced traders to operate efficiently and improve the performances.
Mike Novogrtaz, Digital Galaxy founder, said:
“We believe institutional investors will drive exponential growth in the cryptocurrency market. We are excited to partner with a firm like Caspian and look forward to working with them to further evolve and enhance the platform.”
Caspian’s platform facilitates to meet the requirements of the ‘institutional asset managers’ who execute trades and manage target allocations across multiple exchanges. The platform provides tracking down of real time and historical profit and loss exposure. Robert Dykes said:
“We’re offering institutional investors frictionless, integrated ecosystem to trade on. Galaxy’s decision to become a user on the platform is yet another important step for Caspian in becoming the go- to trading platform for sophisticated investors. Mike and his trading and technology team’s guidance and partnership in the project will be invaluable.”
Among other features of Caspian, the Smart Order Router [SOR] is the one which stands out. SOR is an automated process of handling orders. By the end of this month Caspian aims to layer other features on top of SOR, the other features include:
- Volume Weighted Average Price (VWAP)
- Time Weighted Average Price (TWAP)
- Percentage of Volume (POV)
Caspian is live with several large crypto asset management firms and is expecting to bring on board 50 firms within the next three months after the partnership with Digital Galaxy.
Sukrit Khatri, a twitter user and crypto enthusiast commented:
“Congratulations to @Caspian_Tech and @novogratz’s Galaxy Digital on a partnership that can truly institutionalise crypto markets. Super excited to see what the product looks like.”
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