TradeZero has announced today that they will be partnering with Jered Kenna to create an off-chain “Dark Pool” exchange on their platform, in addition to their commission-free stock and ETF trading services. The exchange will implement multisig and insuring through BitGo, and fee-less currency (digital and fiat) trading within their system. The Nassau-registered broker will also be accepting opening balances in BTC.
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TradeZero Bringing BTC to Traditional Finance
Jered Kenna, progenitor of Tradehill, moneyandtech.com, and original owner of the bitcoin.com domain, is a blockchain entrepreneur and known quantity in the cryptocurrency ecosystem. His partnership with TradeZero in the creation of an off-chain exchange indicates a serious intention to lean in on Crypto trading.
TradeZero’s platform caters to those with more than passing interest in trading, as indicated by their 10K minimum opening balance. The new off-chain exchange should be of more significance, however, to those already making use of their services abroad:
“We are looking to provide the non-US investor with the same access, tools and discounted commission structure that many US traders enjoy today; Digital Currency enables safe and secure trading in digital currency markets like Bitcoin. Clients get access to commission-free dark pool digital currency trading, allowing them to make large purchases or sales without substantially moving the market price. This is a unique opportunity and will appeal to those who are serious about trading or building a portfolio with digital currency. ” – Daniel Pipitone, TradeZero Director
More traditional markets have taken interest in bitcoin recently as a “safe haven” asset, as the massive devaluation of the Yuan and Ruble have triggered capital outflow controls from their respective regulatory bodies, and other global trends have made them more attractive:
“As larger mainstream investors wish to diversify from the stock market during this time of heightened global uncertainty and high P/E ratios, TradeZero will allow for making of sizeable trades without raising market price or alerting others to their positions,” noted Kenna. “I’ve been bullish on bitcoin since it was two cents and this platform is another great enabler in letting institutional and individual investors alike trade in bitcoin without market depth risk.”
Bitcoin acceptance on tradition asset exchanges is a positive step for mainstream adoption, but could also affect how it is regulated in the future. With draconian legislation on the docket in California on that front, developments like these will be of greater import than ever before.
Thoughts on the new international exchange? Leave them in the comments!
Images courtesy of TradeZero