NYSE-listed international financial technology firm, Broadridge Financial Solutions confirmed today that the company has formed a partnership with Coinbase to facilitate the growing crypto ecosystem.
According to the details shared by Broadridge, the partnership will offer interoperability between Coinbase Prime and Broadridge Trading and Connectivity Solutions' NYFIX order-routing network. The partnership will not only support crypto market participants through improved liquidity but will also provide greater access to crypto trading.
"Despite short-term cycles, momentum in institutional adoption is trending one way – toward more exploration and more interest," said Greg Tusar, the Vice President of Institutional Products at Coinbase. "Utilizing 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."
Coinbase is one of the biggest companies in the crypto ecosystem. Earlier this year, the crypto trading services provider boosted its presence in the European region and received regulatory approval in Italy. Despite the latest market correction, the company announced its expansion plans to enhance its reach across different regions of the world.
Integrated Solution
Broadridge noted that the integrated solution allows NYFIX clients to route order flow to Coinbase Prime via FIX, an industry-standard protocol. The company added that the solution will be offered to domestic clients in the United States and will be rolled out to other regions in the future.
"Institutions are increasingly interested in the crypto space, but trading assets have remained a challenge because messaging is only available through proprietary API interfaces," said Ray Tierney, the 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."
In Q4 FY22, Broadridge’s total revenues jumped by 12%.
