XTRD — Hive

XTRADE aims to make it easier for institutional investors to invest in cryptocurrencies . To do that, XTRADE will launch a FIX API that connects to all major cryptocurrency exchanges. This will make it easier for hedge funds, institutions, and algorithmic traders to access all cryptocurrency markets by coding to just one FIX application – in one single format – with which they are already intimately familiar.

The company also plans to launch XTRADE Pro in 2018. That platform will be a multi-exchange, standalone trading platform built for active traders. It will feature things like advanced consolidated order books, hotkey order entry, and custom order types, with 24×7 uptime.

A third XTRADE product will be its Single Point of Access, or SPA, which will aggregate liquidity across exchanges. XTRADE’s SPA will be facilitated via Joint Venture (JV) partnerships with existing exchanges, helping to minimize regulatory hurdles as XTRADE will function purely as an execution technology provider #XTRD, #cryptocurrency, #cryptotrading.

The primary goal of this project is to develop trading infrastructure (hardware and software) in the cryptocurrency exchange and trading market. The core development team aims to make this project one of the first full-service shops in the cryptocurrency exchange markets for large funds and traders .

What problem is XTRADE (XTRD) solving?

The following problems are associated with cryptocurrency trading:

A complex web of exchanges
A combination of differing KYC policies associated with APIs, funding, and interfaces will result in a fragmented patchwork of liquidity for the cryptocurrency. Major concerns for traditional cryptocurrency market participants range from liquidity and hacking prevention to unmitigated slippage and counterparty risks.
High fees
The exchange commissions associated with trading of cryptocurrencies typically are in 0.1%-0.25% range per transaction, which are 10 to 25 basis points. The effective fees of transactions are much higher when taken into spreads and bids maintained by the exchanges.
There is generally no central regulator or authority for examining internal exchange orders that systematically separates customer activity from proprietary activity, which can ensure fair pricing.
Thin liquidity
If not managed correctly and executed only on the exchange, a single order to purchase USD1,000,000 worth of cryptocurrency can cost an additional USD50,000-USD100,000 per transaction to the invest

ADVANTAGES

Price transparency : It will aggregate prices from all exchanges in real-time. It means that if any cryptocurrency is trading at a discount half across the world, cryptocurrency will know.
Lower execution cos t: This platform will be able to access lower trading fee tiers by trading at high volume across exchanges and aggregated trades. It will then pass the saving onto clients.
More liquidity : This platform will allow cryptocurrency investors and traders to instantly access liquidity. It will allow for improved arbitrage opportunities, higher execution quality, and better price.
Reduced counterparty risk : This platform gives traders the benefits of worldwide price liquidity and improvement without the counterparty risk.
Reduce Slippage: The liquidity pool aggregation and smart routing tools break into smaller pieces for ensuring that slippage is a non-issue.
Multiple Markets with One Account : This platform allows investors and traders for trading multiple markets with a single account with no need to open separate accounts at different exchanges and systematically track price manually.

Milestones

Q1 2018

Currently, most cryptocurrency exchanges • offer an http-based REST API/Web socket for execution and market data. Even though these APIs are mostly similar, they are still heavily ‐ fragmented, requiring many resources to unify into a single trading application. FIX is widely ‐ adopted and much faster. ‐
Therefore, the first step for XTRD to develop • a unified FIX API for market data, order entry, and funds movement. When the FIX API is implemented, XTRD will not act as a custodian of funds or execute from an inventory account, but will instead facilitate trading for clients who have existing accounts at the most liquid exchanges by utilizing the FIX API to seamlessly place orders across the optimal mix of exchanges on which they have accounts.

XTRD Dark Pool
subscribers utilizing the FIX protocol Provide single trading interface over the FIX API to all connected exchanges. Right now, we support the following orders types:

market and limit, stop and stop limit, trailing stop
contingent, multi contingent
OCO (one cancels the other) and OTO
(one triggers the other)
Perform SMART routing – the execution engine will automatically choose the best execution path based on previous trading history and current market conditions (liquidity, price, slippage)
Spread one large order across multiple exchanges
‐Perform pre-trade risk management
‐Drop copy all executions to clients over a FIX API
We already have a FIX product (built originally for FX and Equity markets) with the capability to:
• Aggregate liquidity across different exchanges
• Manage orders books consistently, in real-time
• Build custom single order books based on
an account’s unique needs (e.g. I want to see
quotes from Exchange A and B but not from C)
• Stream normalized market data to
• ‐Handle up to 20,000 orders per second
XTRD anticipates completion of a production multi-market FIX API for crypto execution, market data, and fund movement by Q4 of 2017.

Q2 to Q3 2018
XTRD is an advanced, multi exchange manual crypto trading platform built by traders, for traders.
XTRD principals have a combined 30 years of experience developing and administering front end systems for active traders in FX and equity, as well as creating and maintaining the back- end systems required to support front end trading. This involves a combination of extensive knowledge in market data handlers and data feed parsing, low latency execution engines, ticker plants, on-site colocation infrastructure with exchanges, advanced order types, execution reporting, database administration, and other operational requirements as well as implementation of industry best practices.
CURRENT DIFFICULTIES WITH CRYPTO EXCHANGE GUIS AND SYSTEMS
Most cryptocurrency exchanges have an antiquated, bare bones system that is accessed through a webpage with limited functionality. It’s difficult to engage in high speed, multi- exchange execution given the necessity of clicking, scrolling, and typing in updated pricing as the order books continually change.
For comparison, most manual high-speed trading systems utilize keyboard shortcuts and programmed functions, as well as initial pricing for order entry automatically pegged to bid/ask or +/- a certain liquidity threshold to cross the inside quote.
The order book representation is also quite antiquated, with little to define individual market participants, incomplete representations of liquidity, and constant “bursts” of executions that come through in the aggregate because the exchange systems are too slow to pass through executions as they occur. This creates a “dam” effect where there is a burst of orders which lag by hundreds of milliseconds, and sometimes whole seconds – a length of time that would be considered unworkable in any other active trading space.

Current crypto exchange systems are not robust enough to handle large traffic and varying order types. As an example, in late August 2017 a large crypto exchange had to disable all advanced order types for two months - including stop losses and trailing stops - to mitigate strain on their platform.

Q4 2018
SPA, or Single Point of Access, will allow XTRD to facilitate execution across multiple exchanges by opening just one account.
SPA will be facilitated via a JV agreement with existing cryptocurrency exchanges. The first exchange to participate as a JV partner with XTRD is CEX.IO, with over $400 million USD daily volume, 1.2 million active traders and 7 million unique visitors per month.
The JV agreement structure will allow XTRD to act as a technology provider/execution broker without having to assume the duties of fund custody and the requisite exchange regulatory and compliance overhead. The exchange will take custody of client funds and maintain KYC, while XTRD will act as the execution venue for the client’s orders.
If an order needs to be filled outside the JV exchange, XTRD will execute that transaction using our inventory account at another exchange and move the position over to the JV exchange where the customer’s account is resident. The customer will be debited for the transaction at the JV exchange and settlement will occur there. XTRD will internalize client orders via the XTRD Dark Pool – if two orders match, we will not need to go out to other exchanges to fill them, but will instead match the market participants internally.
XTRD will employ Continuous Net Settlement (CNS) to settle trades. CNS is similar to the National Securities Clearing Corporation (NSCC) settlement system in the sense that there is an automated book entry accounting system in place, except that XTRD will actually settle the trades much more quickly than T+2 or T+35 by continuously sweeping the positions between various exchanges.

TEAM

Alexander Kravets - Founder, CEO
Serg Gulko - Founder, CTO
Jon Giacobbe - Founder, COO
Oleksandr Lutskevych - Advisor (CEO, Co-Founder CEX.IO)
Mushegh Tovmasyan - Advisor (Founder, Divisa Capital)
Lex Sokolin - Advisor (Global Director, Fintech Strategy Autonomous Research)

CONCLUSION

It is a trading platform that systematically connects multiple cryptocurrency exchanges into one simple API and enable user to find out that how to invest in ICOs . Users will be able to trade and exchange different cryptocurrencies around the world by using this platform. Investors will enjoy benefits such as higher liquidity, lower trading fees, and faster trading times by using this user-friendly platform. Advanced consolidated order books, customer order types, and hotkey order entry are features equipped in this platform. The majority of ICO tokens such as Guardium , CryptoLoans , Ternio , BitCAD, CHERR.IO offer opportunities for smaller investors to participate in the sale. This token sale is designed for large investors with assets over USD1 million or income of USD200,000 per year.er/execution broker without having to assume the duties of fund custody and the requisite exchange regulatory and compliance overhead. The exchange will take custody of client funds and maintain KYC, while XTRD will act as the execution venue for the client’s orders.
If an order needs to be filled outside the JV exchange, XTRD will execute that transaction using our inventory account at another exchange and move the position over to the JV exchange where the customer’s account is resident. The customer will be debited for the transaction at the JV exchange and settlement will occur there. XTRD will internalize client orders via the XTRD Dark Pool – if two orders match, we will not need to go out to other exchanges to fill them, but will instead match the market participants internally.
XTRD will employ Continuous Net Settlement (CNS) to settle trades. CNS is similar to the National Securities Clearing Corporation (NSCC) settlement system in the sense that there is an automated book entry accounting system in place, except that XTRD will actually settle the trades much more quickly than T+2 or T+35 by continuously sweeping the positions between various exchanges.

TEAM

Alexander Kravets - Founder, CEO
Serg Gulko - Founder, CTO
Jon Giacobbe - Founder, COO
Oleksandr Lutskevych - Advisor (CEO, Co-Founder CEX.IO)
Mushegh Tovmasyan - Advisor (Founder, Divisa Capital)
Lex Sokolin - Advisor (Global Director, Fintech Strategy Autonomous Research)

CONCLUSION

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