Seeking to appeal to a growing base of Bitcoin (BTC) and other cryptocurrency enthusiasts, Interactive Brokers Group, Inc. (Nasdaq: IBKR) has teamed up with Zero Hash, a crypto infrastructure platform. The collaboration aims to provide additional crypto trading services by integrating Zero Hash's full-stack API. This move will benefit select customers who are newly enrolling for crypto trading, offering them access to Zero Hash's trading platform and custody services.
Interactive
Brokers Boosts Crypto Offering with Zero Hash
Zero
Hash's technology will enable Interactive Brokers' clients to buy, sell, and
hold multiple cryptocurrencies,
including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Zero Hash will manage
the complexities of crypto custody, liquidity, and licensing, while Interactive
Brokers will handle client interactions. The collaboration is expected to offer
additional liquidity and market data to Interactive Brokers' clients.
IBKR has a long-standing
reputation for offering advanced technology and a wide range of global products
to experienced traders and institutional investors. Milan Galik, the CEO of
Interactive Brokers, emphasized that the partnership with Zero Hash is a testament
to the company's commitment to enabling clients to diversify their portfolios
with cryptocurrency.
Interactive Brokers (IBKR) collaborates
with Zero Hash to enhance crypto trading.
Zero Hash’s solution enables IBKR customers to buy, sell and hold Bitcoin,
Ethereum, Bitcoin Cash and Litecoin.
Read more about the partnership in our press releasehttp://bit.ly/3sUIYKJ pic.twitter.com/UMZrD5dSSf
— Zero Hash (@ZeroHashX) September 19, 2023
"Since 2021, clients of
Interactive Brokers have been able to trade cryptocurrency alongside the many
other asset classes we offer, and the collaboration with Zero Hash underscores
our dedication to providing clients the ability to allocate part of their
portfolio to cryptocurrency seamlessly," Galik added.
In addition, Zero Hash's
infrastructure will power Interactive Brokers' Central Limit Order Book (CLOB),
backed by tier 1 liquidity providers like Stillman Digital, Amber Technologies,
and DV Chain. Zero Hash's platform is designed to handle the backend complexity
and regulatory licensing required offering crypto products.
Edward Woodford, the Founder
and CEO of Zero Hash, expressed his enthusiasm for the partnership, stating
that Interactive Brokers has been a pioneer in FinTech since the 1970s.
"We are pleased that IBKR
became a shareholder and partner, cementing Zero Hash as the most trusted and
sophisticated B2B2C crypto-as-a-service infrastructure," Woodford
concluded.
Expanding
Crypto Services to Increase IBKR's Client Base
In
July, Finance Magnates reported that Interactive Brokers saw a
year-over-year increase of 24% in its client base, reaching 2.29 million. To continually attract new investors
and consumers, IBKR is exploring new markets and products to entice the younger
generation of investors. This is one reason the firm is expanding its
cryptocurrency services, which it has offered for over two years. In early
2023, the broker launched crypto trading in Hong Kong.
David Friedland, the Head of
APAC at Interactive Brokers, stated in February that investor demand for
digital assets is growing both in Hong Kong and globally, and they are pleased
to offer cryptocurrency trading to meet client needs in this key market.
As for
Zero Hash, the cryptocurrency company recently strengthened its team by adding former GAIN Capital executive William Klippel as
the Vertical Head of Investment Platforms. He brings nearly 20 years of
industry experience to the role. Last year, the company secured $105 million in a Series D funding roundFunding RoundStartups
look to raise capital can participate in a funding round. These refers to the
various rounds of funding that occur upon proof of concept, customer base
growth, and the probability of s...Read this Term, bringing its
total funding to approximately $165 million to date.
https://www.financemagnates.com/forex/interactive-brokers-enhances-crypto