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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Zcash’s revolutionary blockchain hits first fork in the road; Adamant Capital Founder questions move
Zcash, the privacy-centric cryptocurrency project, swiftly stole the Libra’s limelight and switched the debate from payments and fiat-backing to blockchain technology and scalability. Lofty ambitions of Zcash aside, the Electric Coin Company’s [ECC] new blockchain has not convinced everyone in the community just yet.
Tuur Demeester, Founding Partner at Adamant Capital, shared his opinion on Zcash’s new crypto-adventure, much to the dismay of the larger ZEC community. He detailed a list of points surrounding the new project which, in his opinion, “sound horrible.”
Citing a report by Decrypt Media, Demeester highlighted flaws with respect to scalability, similarities in the crypto’s roadmap with other projects and the issue of “sharding.”
Nathan Wilcox, in the aforementioned report, had stated that the new blockchain was developed to make ZEC available to 10 billion customers by 2050; hence, the noted infrastructural improvements to the network. Coupled with the prospects of introducing sharding to “speed up transactions,” a switch was necessary.
Demeester’s primary issue with Zcash’s new blockchain is the introduction of a new coin, following the “implicit admission” that the coin they had, ZEC, was “never scalable” and a jibe at the privacy aspect of it, which the coin’s backers tout often. The lack of privacy transactions usage was described by many as one of the “biggest problems” for Zcash. This was because by default, transactions on Zcash are not set to “private,” unlike Monero [XMR]. In fact, less than 2 percent of all transactions are “fully anonymous.”
The Adamant Capital Founder highlighted its roadmap similarities with Ethereum, especially on the subject of sharding in the blockchain.
Finally, the report, citing Wilcox’s words, said that the ECC and the Zcash Foundation will stop receiving funding from mining rewards in 2020, while not mentioning how the development funding for the new project will come about. Demeester, in his final point of criticism, mentioned this as a “subsidy for ZEC Foundation.”
His full reply stated,
This sounds horrible to me:
– entirely new blockchain (new coin)
– implicit admission that $ZEC was never scalable, and that opt-in privacy doesn’t work
– roadmap has “a lot of similarities with ETH”
– “sharding” panacea
– subsidy for ZEC foundation https://t.co/R5vLXtKOCP
— Tuur Demeester (@TuurDemeester) June 23, 2019
Josh Swihart, VP of Marketing and Business Development at ECC, hit back at Demeester, calling the criticism “wrong and biased.” He said,
“Wrong and biased take. It’s a recognition that bitcoin doesn’t scale and that scalability and privacy are complimentary. Did you watch the session?”
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