Coinbase Prime offers an advanced trading platform, secure custody, and services that allow users to manage crypto assets. The solution enables aggregated access to the majority of the market’s crypto liquidity via a smart order router, and it also provides full prime brokerage capabilities to the buy-side.
Through the partnership with Broadridge, NYFIX clients can now route order flow to Coinbase Prime via FIX, an industry-standard protocol. Moreover, buy-side traders can source crypto liquidity from Coinbase and trade right from their order management systems (OMS).
For now, the integrated trading solution is only available to US domestic clients, but it might launch in other regions as well depending on how regulations evolve.
Officials from Broadridge Trading and Connectivity Solutions have stated in the company press release that Coinbase’s access to liquidity and NYFIX’s extensive market reach can help the two companies integrate more than two thousand clients in order to bring crypto trading to the institutional market.
Other developments from Coinbase
In August 2022, Crypto exchange Coinbase has announced it added blockchain NEAR Protocol’s native token to its listings. NEAR Protocol is a decentralised application (DApp) platform, which operates as a competitor for Ethereum.
The native token, NEAR, is used for transaction fees and storage on the Near crypto platform. These tokens can also be used for staking by NEAR token holders.
In the same month, Coinbase partnered with BlackRock. Through this partnership, BlackRock’s Aladdin investment management platform will be able to link with Coinbase Prime to offer crypto trading, custody, prime brokerage, and reporting capabilities to shared clients. Clients of Aladdin and Coinbase will be able to manage their Bitcoin exposures alongside their public and private investments for a whole-portfolio view of risk.
In July 2022, Coinbase announced it will be supporting a decentralized Ethereum (ETH)-based oracle. The company will add NEST to the platform under its experimental label for digital assets, which are for cryptocurrencies that are either new to the company’s platform or have a relatively low trading volume compared to other crypto assets.
Nest Protocol, a Chainlink (LINK) competitor, is a decentralized oracle network based on the ERC-20 token issued by the Ethereum network. The platform allows users to get price information for decentralized finance (DeFi) assets such as stablecoins and futures and is powered by the NEST token.