Broctagon Fintech announced Tuesday the creation of a global network for crypto liquidity providers, which will form an aggregated liquidity pool. WorldBook is a crypto Straight-Through Processing network (STP), that aims to standardize crypto liquidity.
To streamline prices for cryptocurrency similar to securities and forex, the network will connect all connected crypto exchanges. The NEXUS 2.0 aggregator is being used by the company to drive the WorldBook. It promises global price discovery as well as best bid and offer.
Standardizing Crypto Industry
Don Guo, Broctagon CEO and Co-Founder, stated that despite crypto’s acceptance, it is still a “wild west” with no dominant technology or standard.
“Using the WorldBook’s price aggregate, we discovered that bitcoin had an average negative spread USD$10 among all major exchanges. With over USD$15.5 trillion of trading volume in the past year traders could have saved USD$5.7 Billion in spreads. This is just bitcoin, the most liquid and efficient digital asset. For thousands of altcoins on smaller exchanges .”
He also stated that WorldBook’s infrastructure was inspired in part by FX interbank liquidity.
Broctagon, a prominent name in multi-asset liquidity and brokerage technology as well as enterprise blockchain development, is headquartered in Singapore. It has been a prominent presence in major Asian and European financial centers over the years.
Broctagon didn’t disclose names of potential members of its crypto liquidity provider network.
Guo said that liquidity problems exist for both newer and more established exchanges. The former require substantial capital to market to attract enough users to create a liquid orderbook, while the latter often have to pay high fees for external market maker services in order to drive profitability. The WorldBook can be used for .”