These ex-Wall Street Professionals Have Created a Solution for “Shorting” Crypto Quickly |
Tagomi, a digital-assets brokerage fund claims to have found the solution to the biggest challenges faced by crypto traders- shorting.
A sigh of Relief for Crypto Traders
Tagomi launched as an electronic-trading service for crypto in 2018, now allows clients to borrow or lend Bitcoin and Ethereum. This move has been taken to foster long or short traded on digital tokens. The platform further plans to make the process of shorting easier by offering multiple counterparties from a single platform.
In the present case scenario, shorting crypto is a herculean task that involves calling a host of brokers and trading desks to find the best rates for borrowing. Further, the process involves risking the trade against the market and the time it takes to put it on the platform.
This comes as a piece of welcome news for the ex-wall Streeters who are now stepping in the volatile crypto sphere and looking to garner profits by applying smart strategies.
“In other asset classes this would be done with one click, but in crypto, it’s very long and tedious to try and put a short on,’’
said Kevin Johnson, Tagomi’s chief operating officer, who previously worked at Citadel’s Aptigon unit.
The ability to short is an invaluable tool for traders. It’s not just for those who want to bet against digital assets, but can also be useful for relative-value trades, quantitative strategies and for hedging. The crypto space is volatile, so if you can’t short, you’re missing part of the puzzle.
said Dennis Chou, director of trading at Pantera Capital in San Francisco.
With that being said, it is interesting to note that the crypto sphere is brimming rather thriving on innovation. The ability to short will help traders make more profits and even attract new traders in the crypto sphere and thus promote crypto adoption in the long run.
The post These ex-Wall Street Professionals Have Created a Solution for “Shorting” Crypto Quickly appeared first on Coingape.
If reproduced, please indicate the source: https://www.uucj.net/these-ex-wall-street-professionals-have-created-a-solution-for-shorting-crypto-quickly/