Kx Systems, a software developer, has announced the unveiling of a cryptocurrency trading on Kx for Flow, which happens to be its white label forex (FX) trading platform. Moving forward most of the Kx for Flow customers will be in a position to conduct spot trading of Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH) and Bitcoin (BTC).
Recent activities of US-based Kx Systems
US-based Kx Systems has over the years remained a top-performance software supplier and some of its customers include the GSA Capital Partners hedge fund, multinational investment bank Morgan Stanley and global investment banking group Goldman Sachs. A person familiar with the latest developments has disclosed that Kx Systems embarked on the commercialization of the proprietary processing languages Q and K.
The HTML5 FX trading platform Kx for Flow makes it possible for various customers to publish price information to clients and markets as well as create liquidity pools. All along the platform has been operating with liquidity sources such as contracts-for-difference, precious metals, non-deliverable forwards, banks and at the moment it is cryptocurrencies.
Views of the top officials regarding the recent move
Rich Kiel, the Kx Head of FX Solutions, has disclosed that customer acquisition purposes have been major source of motivation in pushing the company towards cryptocurrencies. For quite some time it has apparently been inundated with interest in crypto.
According to him, it was important to do everything humanly possible to meet up to the current as well as the future needs of clients. Rana Yared, an executive working with Goldman Sachs (NYSE:GS) stated that customer interest was playing a major part in compelling the firm to unveil contracts with Bitcoin exposure, he said earlier this month.
He added that it impressed them every time they came across a customer saying that he was interested in holding Bitcoin futures or Bitcoin itself because he/she saw it as an alternate store of value.
An official working with Morgan Stanley (NYSE:MS) said that there was a growing need to establish a digital version of cash since that would allow negative deposit rates to be charged on the money circulating within a particular economy. He termed Wall Street’s move into the cryptocurrency market an inevitable one.