American trading software provider Trading Technologies (TT) has revealed that it’s shutting down its retail crypto trading platform. The platform, known as TT Crypto, was launched last year and targeted retail users who were then routed to an established crypto exchange to complete their trades. However, according to a report by The Block, the platform failed to garner the success TT hoped for and will shut down on August 9.
Based in Chicago, TT provides its clients with trading software, infrastructure and data solutions. The company, which has been in operations for 25 years, boasts of having some of Wall Street’s largest firms as clients. They include Bank of America Merrill Lynch, J.P Morgan Securities and Citigroup.
TT revealed the shutdown to its TT Crypto users via email, the report revealed. The email, sent by the vice president of cryptos at TT Mike Unetich, stated that the platform will be shut down on August 9, at 4:00 pm CDT (5:00 pm EST).
TT Crypto was unveiled in May 2018. In its one year of existence, the platform only managed to gather less than 1,000 users, TT told the outlet. TT Crypto was designed to be a lightweight, scalable, cloud-based, high performance version of the TT platform dedicated to crypto traders. It offered such features as advanced order types, professional charting and analytics tools and a customizable algorithm builder.
TT partnered with Coinbase GDAX platform, which was later re-launched as Coinbase Pro, allowing its clients to access spot and BTC futures trading. In its one year of existence, it also partnered with crypto exchange and derivative trading platform BitMEX as well as CoinFLEX, a crypto exchange that launched earlier this year with a focus on futures trading.
In his email, Unetich commented, “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.”
TT Crypto users will have the option of migrating to the main TT platform which still retains the connections to Coinbase, CoinFLEX and BitMEX. The company hopes to add new exchanges soon. To facilitate the migration, TT offered to extend a no-fee policy on its main platform up to October 1. Its standard platform costs a minimum of $50 while the pro version costs a minimum of $400.
The company stated, “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.”
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