Floating Point Group (FPG), an algorithmic trading technology startup conceived at MIT, has said that crypto trading has seen a rise since fall 2019 before COVID-19 measures took off.
On May 28, Kevin March, the co-founder of FPG, said:
“An increasing portion of our inbound prospects are established industry participants coming from FX, equities and derivatives markets.”
However, by enduring US regulation, FPG offers institutional players a number of tools, APIs, and another tech for trade automation. March noted similarities among the incoming crypto trading interest.
“The cryptocurrency markets offer a novel and attractive line of business ripe with opportunities for asset managers and a flashy way to bring in additional clients for service providers.”
Likewise, rallying in price more than 170% from its coronavirus-induced 2020 low, Bitcoin has seen a number of traditional market entities express interest in the industry in recent weeks, including billionaire hedge fund founder Paul Tudor Jones.
Though cryptocurrencies have seen rising prices and attention since COVID-19 measures and fear picked up globally in March 2020, FPG saw crypto interest start its climb in Q4 2019.
“The Covid-19 pandemic seems to have had little effect on this trend.”
Thus, he concluded:
“In fact, the inactivity associated with working from home may give many of the relevant decision makers a propensity to think outside the box and consider new strategic initiatives like venturing into cryptocurrencies.”
Source: Cointelegraph | Image: Bitcoinist
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