Crypto Exchange Coinbase Enlists Broadridge Financial to Improve Liquidity
Cryptocurrency exchange Coinbase (COIN) is working with fintech firm Broadridge Financial Solutions (BR) to improve buy-side liquidity for traders, according to a press release.
Broadridge will provide Coinbase with its NYFIX order-routing network, which increases liquidity by sourcing it from multiple venues.
Broadridge joins a growing list of traditional finance companies that have entered the cryptocurrency market this year. Investment giant KKR put a portion of a private equity fund on the Avalanche blockchain earlier this week, while asset manager BlackRock announced that it will offer crypto to its institutional clients after partnering with Coinbase in August.
The deal will help bring crypto trading to the institutional market, according to Ray Tierney, president of Broadridge Trading and Connectivity Solutions.