Broadridge, the institutional financial technology provider, has partnered with Coinbase to make it easier for buy-side institutions to access cryptocurrencies. The deal enables interoperability between Coinbase Prime and Broadridge’s NYFIX order routing network.
NYFIX uses the FIX protocol, which is industry standard in TradFi but not in the cryptocurrency sector, which tends to use fintech APIs for connectivity. Initially, the NYFIX Coinbase integration is only available to US-based institutions.
Coinbase Prime doesn’t purely provide access to the cryptocurrency exchange but enables broader liquidity by routing orders to other crypto market participants, with Coinbase acting as the Prime broker. Additionally, it includes custody services which we believe is part of Coinbase Custody Trust Company, a trust company regulated by the New York Department of Financial Services.
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