Giant Forex Trader, Integral Development, to Launch Institutional Grade Cryptoasset Exchange

  • Integral Development Corporation, a large provider of forex trading solutions, has partnered with digital asset platform, Mint Exchange.
  • The two companies will launch an "insitutional grade cryptocurrency exchange."

Integral Development Corp. (IDC), a Palo Alto, California-based forex distribution platform and provider of online trading platforms, has announced that it will be partnering with digital asset trading platform, Mint Exchange, - in order to launch an “institutional grade cryptocurrency exchange.”

Founded in 1993 after receiving $51 million in initial funding, IDC has been able to develop a robust platform that offers a “multi-sided trading facility” - which “connects market participants with sources of forex liquidity.”

Traditional Investors Taking More Interest In Cryptoassets

Similar to how clients of other large traditional financial companies have expressed an interest in cryptocurrencies, IDC’s customers have also been looking to trade digital assets.

In order to meet the demand from its clients, IDC first integrated several cryptoassets into its proprietary Open Currency Exchange (OCX) toward the end of 2017.

In early 2018, IDC expanded its crypto services further by listing 14 different cryptocurrencies, while also integrating its trading platform with 16 other (external) digital asset exchanges.

Mint Exchange To Leverage IDC's Experience

Mint Exchange is looking to leverage IDC’s experience and expertise in trading financial assets, including how the established forex trader has been able to remain compliant with industry-specific regulatory guidelines.

Commenting on the joint initiative to build a regulated exchange for institutional investors, Masato Kikuchi, the managing director of Mint Exchange, said:

We chose to build Mint Exchange on the Integral FX platform because of its history of innovation and reliability. Integral processes over $40 billion/day in fiat currency trading, so we’re confident that it can handle our cryptocurrency volumes.

Masato Kikuchi

In order to remain competitive and improve liquidity levels on its platform, ICD introduced the Open Currency Exchange (OCX) in 2015 - which aggregates financial data from “over 250 [international] banks, brokers and asset managers directly connected into the ECN.”

According to its official website, the main purpose of the OCX solution is to connect large “forex market participants into a single integrated network of liquidity, [so that its customers can gain better access to] liquidity - to achieve greater profitability.”

Many Companies Launching Crypto Services For Traditonal Market Players

As CryptoGlobe reported, Europe-based digital asset exchange, Covesting, has announced the “soft launch” of its crypto trading platform - which also focuses on bringing more traditional financial players such as asset managers to the blockchain and crypto ecosystem.

Covesting’s management, which includes former executives from Danish financial institution, Saxo bank, has also been working extensively in crypto-friendly Gibraltar - as they intend to fully establish their headquarters in the British Overseas Territory.

Kraken OTC Head Says It’s Too Early to Call Bitcoin a 'Safe Haven' Asset

Michael LaVere
  • Kraken head of OTC trading Nelson Minier says it's too early to call bitcoin a "safe haven" asset.
  • Compares the current atmosphere of crypto trading to how Wall Street used to be. 

Nelson Minier, head of over-the-counter (OTC) trading at crypto exchange Kraken, says that it is too early to call bitcoin a “safe haven” asset, despite the cryptocurrency gaining popularity in that regard. 

Too Early for Save Haven Status

In an interview with Nasdaq TradeTalks, Minier compared the current state of bitcoin and crypto-assets trading to how Wall Street used to operate in the past. 

According to Minier, 

Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate. I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading. It feels very much like that...there's a lot of energy and enthusiasm about this progress and where it's going.

Bitcoin has been gaining popularity as a so-called “safe haven” asset. According to the growing belief among analysts and investors, BTC is an attractive alternative to fiat and the traditional stock markets as a hedge against economic downturn. 

However, Minier believes it’s too early to label bitcoin as a safe haven, given the high price volatility. 

He continued, 

So, I’m not so sure that it’s a safe haven asset yet, but I do think that it’s starting to act like one. I think that people are starting to portfolio manage, are starting to come in slowly. And when the market is getting shaky you saw Bitcoin rise, I mean, you wouldn’t see that before, it was trading like a risky asset.

Despite calling bitcoin's safe haven status premature, Minier admitted that “we're heading that way for sure.”