Trading software provider Trading Technologies (TT) has decided to pull the plug on its cryptocurrency trading platform, TT Crypto, as it couldn’t attract a sufficient amount of retail users.
Mike Unetich, vice president of cryptocurrencies at TT, sent an email to TT Crypto’s registered users, on Monday, saying that the firm will close down the platform effective Aug. 9, at 4:00 pm CDT (5:00 pm EST). During its short existence, the crypto trading platform gathered less than 1,000 users, the company told The Block.
“The original aim of this platform was to attract a large retail-oriented customer base,” but it “never did attract large numbers of sticky users who wanted to use TT tools to up their crypto trading abilities,” wrote Unetich.
TT, a 25-year-old company that provides trading software to J.P. Morgan Securities, Bank of America Merrill Lynch, Citigroup and other firms across Wall Street, publicly launched its crypto platform in May 2018. The platform essentially routes users’ orders to a cryptocurrency exchange for free, though any exchange trading fees still apply.
TT initially partnered with cryptocurrency exchange Coinbase’s Global Digital Asset Exchange (GDAX) to allow its customers to access both spot and futures bitcoin trading. Over the last year, TT also integrated its platform with BitMEX and CoinFLEX.
To be clear, TT Crypto users can migrate to the main TT platform, which is connected to BitMEX, CoinFLEX, and Coinbase. The company plans to add new exchanges soon to maintain its cryptocurrency trading offering. The platform is also extending its no-fee policy on the main TT platform until Oct. 1. Its TT “Standard” platform costs a minimum of $50, while the “Pro” version costs a minimum of $400.
"While millions of dollars of notional value traded through TT Crypto each day, the number of users never grew into the thousands. Given the limited adoption, it doesn’t make sense to operate two separate trading platforms," according to a company statement.
TT aimed to make a similar impact on the cryptocurrency trading markets as it had on electronic futures trading back in the 1990s, but the dream collapsed sooner than expected. The firm, however, continues to remain a shareholder in CoinFLEX, having invested in it earlier this year.
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