Efe Nail Saltık FalconX, a cryptocurrency trading firm, has introduced Prime Connect, a prime brokerage service designed to cater to institutional clients. This service enables institutions to trade on exchanges while ensuring that their funds are held in regulated, bankruptcy-remote custody.
Prime Connect offers several features aimed at institutional traders, including post-trade settlement, institutional-grade credit, and portfolio margining. Notably, Deribit, a leading crypto options exchange, is the first to integrate FalconX’s prime broking and custody solution.
The introduction of Prime Connect comes in the wake of the collapse of FTX, highlighting the importance of keeping client assets in custodial setups that are entirely separate from those of exchanges, brokers, and trading firms. By offering regulated, bankruptcy-remote custody, FalconX aims to provide institutions with a secure environment to trade digital assets.
Vivek Chauhan, product manager at FalconX, expressed excitement about the launch of Prime Connect with Deribit, emphasizing the importance of providing institutions with comprehensive prime services to facilitate the scaling of their digital assets portfolios.
Currently, trading firms like Hyperithm are leveraging Prime Connect to trade on Deribit. FalconX plans to integrate its prime brokerage services with other exchanges in the coming months, further expanding its reach and accessibility to institutional clients.
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