Singapore centred provider of multi-asset liquidity, brokerage and blockchain solutions, Broctagon Fintech Group, surpassed $5 million in turnover earlier this month, following a highly successful year which has been marked by significant growth, largely fuelled by demand for its crypto contract for difference (CFD) offering.
Don Guo, CEO of Broctagon, said:
“We’ve been developing fintech solutions for the forex space for over a decade, and saw a unique opportunity in crypto to leverage our experience for a budding market. The crypto markets show no sign of slowing down, and as they continue to grow and mature, we will remain at the forefront of fintech innovation.”
The demand stems from experienced traders entering the crypto markets as mainstream adoption of cryptocurrency looks increasingly likely.
Broctagon – with a 300 strong team housed in offices in Singapore, Hong Kong, Cyprus, India and the United Kingdom – has seen its CFD solution taken up by 30 new clients since the start of the year. The solution allows investors to take long or short positions on a given underlying digital asset which creates opportunities to profit from downward price movements through short selling, as well as maximising profits and hedging against the risks posed by the famously volatile crypto markets.
The demand Broctagon has been experiencing is not only from retail or professional crypto investors. As a regulatory framework evolves, and governments in countries like China are showing their support for crypto, institutions are also looking to get a slice of the digital pie. Take CME for example, which is currently seeing record-breaking demand for its Bitcoin futures, or the crypto platforms from ICE and Fidelity, both of which are undergoing the application for New York trust licences.
Cryptocurrencies are leaving their ‘Wild West’ days in the rear-view mirror, and seasoned traders are paying attention. As their involvement increases, they want the same trading options available to them as in the traditional financial markets. As a result, Broctagon’s CFD offering is only one piece of the puzzle when it comes to its vision: to bring crypto trading to reach the liquidity, level and efficiency of forex. Consequently, Broctagon is also offering tools such as price history, algorithmic-based trading signals for crypto traders and even a liquidity engine to connect prime brokers and exchanges, enabling market participants to conduct more sophisticated trades than ever before and allowing firms to provide professional trading environments to their clients.
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Also published on Medium.