In the dynamic world of cryptocurrencies, the fusion of traditional financial powerhouses with innovative crypto exchanges has led to the emergence of some of the most trustworthy and influential platforms in the industry’s history. In this article, we will take some of the key players that have successfully helped bridge the gap between the traditional finance (TradFi) realm and the digital asset economy. So, without any further ado, let’s jump straight into the heart of the matter.
eToro
eToro was originally established as ‘RetailFX’ in 2007 by brothers Yoni and Ronen Assia alongside their longtime associate David Ring. From its inception up until 2013, the firm was able to secure a whopping $33.9 million across four funding rounds. In December 2014, the company attracted an additional $27 million from several notable Russian and Chinese backers.
Adding to its diverse portfolio, eToro subsequently incorporated cryptocurrencies into its range of investment options via a dedicated digital asset trading and wallet system. A key milestone in the company’s history came in December 2017, when the firm collaborated with CoinDash to develop a Blockchain-based social trading platform. By 2018, eToro had bolstered its finances with $100 million in private funding, bringing its total accrued investments to $162 million.
As things stand, eToro has active operations across 140 countries while possessing a user base of 20+ million individuals.
Multibank.io
Founded in 2005, the MultiBank Group has emerged as a leader within the global economic landscape with a special focus on enhancing regulation and safety within the financial sector and establishing a reliable trading environment where investors from all over the globe can operate freely. Since its inception, the firm has grown into a leading financial derivatives entity, boasting more than 14 international licenses from prominent regulators while operating from 25 offices worldwide. Not only that, the firm also serves over a million active customers and has an impressive average daily trading volume of $12.1 billion.
With the launch of MultiBank.io, the company has successfully ventured into the crypto domain, laying special emphasis on meeting various emerging trends and filling the various regulatory gaps permeating the digital asset industry. As per the firm’s founder and chairman, Naser Taher, Multibank’s goal is to transform the crypto landscape by combining their well-established credentials in security and regulation from the derivatives world to create a robust ecosystem within the burgeoning crypto market.
Over the years, the MultiBank Group has marked significant achievements, reinforcing its status as a major player in the online financial derivatives market. It currently boasts a substantial paid-up capital exceeding $322 million and has set benchmarks with its financial success.
Coinbase
Established in 2012, Coinbase was the brainchild of former Airbnb engineer Brian Armstrong. During its early days, Armstrong was selected to join Y Combinator, a prestigious startup incubator, subsequently securing a $150,000 investment. In May 2013, Coinbase was able to garner a sizable $5 million as part of its Series A funding round. The fundraiser was spearheaded by Fred Wilson, the co-founder of Union Square, a venture capital firm known for its strategic investments in companies like Twitter, Tumblr, Foursquare, Zynga, Kickstarter, Etsy, and MongoDB. By December, Coinbase had attracted $25 million in investment from other VC giants, including Andreessen Horowitz and Ribbit Capital.
The start of 2015 saw Coinbase raising $75 million in funding from entities like Draper Fisher Jurvetson, the New York Stock Exchange, and USAA, along with several banks. However, the most significant development in the firm’s history came when it went public on the Nasdaq stock exchange on April 14, 2021, through a direct stock listing. Nasdaq initially set the reference price at $250 per share, valuing Coinbase at about $47 billion. On its first trading day, the company’s share price closed at US$328.28.
EDX Markets
EDX Markets is a cryptocurrency exchange designed primarily for crypto-native firms and large financial institutions. It is backed by prominent entities from the realm of traditional finance, including Citadel Securities, Fidelity Digital Assets, Charles Schwab Corporation, Virtu Financial, and Sequoia, among several others. The platform is headed by CEO Jamil Nazarali, who was previously the global head of business development and head of Citadel Execution Services as well as the global head of electronic trading at Knight Capital Group
EDX Markets stands out within the crypto landscape for its competitive, transparent, and liquid markets, ensuring a fair and efficient trading environment. Moreover, it brings to the table innovative market features that enhance its users’ trading experience. One of the key advantages of EDX Markets is its operational efficiency, achieved through a consolidated marketplace and an integrated settlement process. This approach not only streamlines operations but also promotes capital efficiency through net settlement.
Lastly, EDX Markets maintains a secure trading environment with robust market surveillance and supervision. This commitment is complemented by their best-in-class risk management strategies, providing a secure and reliable platform for traders and investors alike.
Gemini
Gemini was founded in 2014 by Cameron and Tyler Winklevoss and became operational the following year. The platform was initially developed to facilitate the purchase and secure storage of Bitcoin, utilizing advanced private keys within password-protected environments. However, by October 2015, Gemini had obtained a Limited Purpose Trust Charter from the New York Department of Financial Services, and soon after, it began expanding its financial services, including support for FIX and API.
Subsequently, Gemini introduced its “Block Trading” module, which allows users to trade large amounts of digital assets outside the exchange’s continuous order books, thus enhancing liquidity for larger trades. Additionally, it also bears mentioning that Gemini has integrated NASDAQ’s SMARTS technology into its interface so as to monitor trades and prevent fraudulent activity and price manipulation.
