The company announced that it has added crypto trading to its flagship Kx for Flow platform and all users will now be able to trade with popular cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple and Litecoin.
Kx Systems move to add a crypto trading option to its forex platform does not come as a surprise as the cryptocurrency market has experienced a massive influx of new traders from around the world in the last 18 months. These traders want the option of being able to trade in cryptocurrencies and Kx Systems has given into those demands.
In a statement Rich Kiel, head of FX solutions at Kx Systems said
As with most leading trading technology providers we have been inundated with interest in crypto. When you sift through the noise the interest from mainstream financial services firms to begin trading cryptocurrencies has been growing and we are delivering this solution to meet the current and future needs of our clients.
Cryptocurrency Risks No Longer A Major Threat
Banks and financial institutions across the world have been reluctant over the last few years to get involved with the cryptocurrency industry due to the perceived risks associated with cryptotrading and the volatility surrounding bitcoin’s value.
A number of countries have also banned their financial networks from dealing with cryptocurrencies and as a result, many financial and trading houses have refrained from getting into the cryptocurrency market.
However all that is changing pretty fast as top financial houses such as Goldman Sachs have decided to enter cryptocurrency waters. Goldman Sachs recently announced that it would soon be issuing bitcoin contracts to its clients that will allow them to hold bitcoins or bitcoin futures as an alternative financial asset.
The forex market also has its share of risks but does not get a bad rap due to the fact that it is regulated across the world. Now that top software developers such as Kx Systems are adding cryptocurrency trading to their forex trading platforms, governments across the world will have to rethink their stance and come up with regulations to govern the cryptocurrency industry and give it more exposure.