Technology: Crypto Broker Tagomi Says It’s Made Shorting Bitcoin Much Easier - PressFrom - US
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TechnologyCrypto Broker Tagomi Says It’s Made Shorting Bitcoin Much Easier

18:41  12 september  2019
18:41  12 september  2019 Source:   bloomberg.com

In Wild Crypto Week, Bitcoin Gains and Grabs Bigger Market Share

In Wild Crypto Week, Bitcoin Gains and Grabs Bigger Market Share In another wild week for digital assets, Bitcoin extended its dominance, grabbing a greater share of the cryptocurrency market as most alternative coins declined. Bitcoin now makes up close to three-quarters of the entire crypto universe, according to data from Coinmarketcap.com. Its market capitalization is above $211 billion, 10 times that of the next-largest digital asset, Ether. And in a week when traditional financial markets were roiled, its price has held up, too: Bitcoin rose 14% over the seven days through Friday, while prices for alternative assets including Ether and XRP dropped.

It plans to make the process for shorting easier by offering immediate access to multiple counterparties from a single platform. “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

Tagomi combines institutional-grade services with superior execution technology for trading digital assets Executing large orders of digital assets is really hard. Tagomi makes it simple. Peter Thiel-backed crypto broker , Tagomi , went live today — and it ’ s hoping to hold Wall Street’s hand as it

(Bloomberg) -- A digital-assets brokerage founded by former employees of Goldman Sachs Group Inc. and Union Square Ventures says it’s solved one of the biggest challenges for traders of cryptocurrencies: how to short quickly.

Tagomi, which launched an electronic-trading service for crypto last year, is now allowing its clients to lend or borrow Bitcoin and Ethereum to facilitate long or short trades on the digital tokens. It plans to make the process for shorting easier by offering immediate access to multiple counterparties from a single platform.

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Tagomi is an electronic broker looking to help onboard crypto firms into the nascent market. It is also preparing to enable margin purchases and shorting , according to the RIAbiz report, as “Stripe Capital makes it easy for internet businesses to get the funds they need, when they need them,” said

Tagomi makes it easy to navigate the extremely fragmented global digital asset landscape. Our advanced tooling and liquidity aggregation empower Your money does more with us. Cross-market settlement. In a first-of- its -kind offering, Tagomi bundles order routing with new settlement and cash

Selling crypto short, to profit from a decline in its value, is currently an arduous and labor-intensive process wrought with pitfalls, as investors have to call a host of brokers and trading desks to find the best rates for borrowing and risk the market moving against them during the time it takes to put on a trade.

That’s an unpalatable situation for the growing cohort of ex-Wall Streeters now plying their wares in the volatile world of digital assets and looking to execute sophisticated 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.

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Short -selling is an investment method that allows you to benefit from drops in price of a particular If prices rise, it will be more expensive. When short -selling, the firm or individual who loaned the Bitcoin exchanges geared towards crypto traders offer short selling options, and some allow for

It ' s important to remember that there may be a leverage factor, which could either increase your profits or your losses. For those looking to sell short Bitcoin , to earn a profit when its price falls, there Selling short is risky in any asset, but can be particularly dangerous in unregulated crypto markets.

For a look at when Bitcoin futures may trade on ICE, please click here.

Tagomi was founded by Greg Tusar, former head of electronic trading at Goldman; Jennifer Campbell, who was an investment analyst at Union Square Ventures; and Marc Bhargava, who previously did business development for Airbnb Inc.

The firm has numerous agreements in place with a variety of trading counterparties to borrow or lend crypto when needed, Tusar said.

The ability to short is an invaluable tool for traders, said Dennis Chou, director of trading at Pantera Capital in San Francisco. 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, he said.

“The crypto space is volatile, so if you can’t short, you’re missing part of the puzzle,’’ said Chou.

To contact the reporter on this story: Alastair Marsh in London at [email protected]

To contact the editors responsible for this story: James Hertling at [email protected], Todd White, Keith Campbell

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Ver’s Bitcoin.com Seeks to Launch Derivative for Bitcoin Cash.
Bitcoin.com, the firm backed by crypto evangelist Roger Ver, is working on multiple ideas to ramp up interest in Bitcoin spinoff Bitcoin Cash, including a futures contract. The goal is for Bitcoin Cash to become one of the largest cryptocurrencies in the world behind Bitcoin, according to the new head of its recently launched exchange unit, David Shin, who was most recently Asia head of global equity derivative sales at TD Securities. “Within a year I want to make that the second- or third-largest market cap,” Shin said. “To get from No. 4 to No. 3 or No. 2, we have to see more volume.

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