Exgate, a startup providing digital currency trading systems to the brokerage industry, has partnered with “proof of solvency” bitcoin clearing service Bitreserve and commodities and derivatives exchange JSC Caufex to offer a real-time clearing and settling service.
The three companies are partnering to expand their combined technologies and clearing capabilities to provide a transparent, real-time settlement clearing and custody service for clearing contracts for difference (CFD’s) based on leveraged Digital Currency Tradeable Instruments. The partnership will provide an end-to-end Straight Through Processing (STP) solution for the foreign exchange market, derivative and crypto-currency financial ecosystem.
Bitreserve will be the exclusive Bitcoin Clearing System for JSC CAUFEX clients ensuring full transparency, instant peer-to-peer and real-time settlement for clearing members and the removal of bitcoin volatility on funds in customer reserve. Exgate will use Bitreserve for its turn-key solution that enables marketmakers, hedge funds, algorithmic traders and institutions achieve the Best/Bid/Offer matching from multiple liquidity sources and Bitcoin/FIAT conversions through their FIX API, FIX engine, and MetaTrader4 integration, as well as built in risk management capabilities. JSC Caufex, as an authorized electronic trading exchange, will provide its clearing technology, liquidity lines, regulatory umbrella and compliance required for the partnership.
Gregory Mazzeo, CEO of Exgate LTD., stated
This partnership is a major step towards bringing crypto-currencies into the mainstream financial world. The combination of Exgate, CAUFEX and Bitreserve’s technological and clearing capabilities for digital instruments will enable the ability to offer exchange derived pricing and liquidity with a standardized settlement date for crypto-currency transactions in a truly transparent and wrapped environment. A true game changer for the crypto world
Carl Weir, Partnering & Business Development, Financial Markets for Bitreserve stated:
Partnering with Exgate represents a seamless merging of institutional and crypto-currencies transactions into a safe, secure, and transparent environment. This will not only allow institutions to achieve full transparency in multiple asset classes, but also allow seamless near- zero cost clearing, and real-time settlement; the latter three being expected pillars of trading that was near unattainable, until now. This partnering is an industry first.
At November’s Forex Magnates London Summit, Exgate unveiled its end-to-end platform for brokers to enable bitcoin trading for their clients including front end platforms, liquidity, risk management, and integrated bitcoin wallets.