Boston, May 21, 2019 – The cryptocurrencies market has rapidly evolved and matured over the past three years, with growing numbers of active crypto-exchanges, increasingly fragmented liquidity among exchange venues, and reduced average bid-ask spreads. But the growing prevalence of OTC trading desks and dark pools, while beneficial to institutional market participants who wish to trade block-sized orders, has made the overall trading landscape even more complex and difficult to navigate, leaving market participants in desperate need of institutional-grade tools.

This report examines the recent market structure development and the current trading landscape of the cryptocurrencies market, identifies key elements of an institutional-grade electronic trading platform for cryptocurrencies, and profiles four such platforms: Caspian, Deltix, Tagomi, and Trading Technologies. It is based on 10 qualitative interviews Aite Group conducted in 2019 with executives from cryptocurrency exchanges, cryptocurrency OTC trading firms, dark pools, and buy-side firms trading cryptocurrency instruments.

This 37-page Impact Report contains 15 figures and seven tables. Clients of Aite Group’s Institutional Securities & Investments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Bitfinex, bitFlyer, Bithumb, Coinbase, Circle Trade, Cumberland DRW, Gemini, Genesis Trading, Kraken, Octagon Strategy, Omega One, Omniex, Ren, SFOX, TradeZero, and XBTO Group.