Held in Seoul, South Korea, the XRayTrade Beta Launch Event garnered guests from all over the world, including industry leaders BitMEX CEO Arthur Hayes, Shuttle Fund founder and CIO Brad Chun, IBM management consultant Peter Demeo, CoinPro CEO John Pang and HUBBA Head of finance Steve Jernigan. Hailing from various backgrounds such as trading, corporate finance and fund management, these panelists came together to give insights on today’s hot topics in crypto, and to support the beta launch of bitHolla’s professional crypto trading terminal: XRayTrade.
XRayTrade is a rapid crypto trading terminal and the first tool of its kind in the crypto sphere. Along with an original intent to manage considerable volumes for professional traders, XRayTrade aims to be inclusive. Anyone anywhere can sign up and start trading right away!
Since its launch, XRayTrade is often likened to the Bloomberg terminal: it does access multiple exchanges from a single trading platform, include a chat and offer a single-screen overview of several exchanges. But, departing from Bloomberg’s search engine model, XRayTrade puts the emphasis on execution. “The highest priority on the platform is the execution of trade orders,” bitHolla’s CEO Ali Beikverdi assured the Bitsonline reporter.
To Shuttle Fund’s Brad Chun, “XRayTrade is a natural evolution of those types of manual trading tools we’ve seen in the institutional space,” (watch the full interviews here). Considering crypto’s trademark volatility in a positive light, he stated it creates room for manual traders to make money.
Indeed, to a pro trader, quickly getting in and out of trades is crucial. Yet, executing an order may take a long time. A long time meaning 5 seconds. Don’t smile, now! Day to day, 5 seconds may not seem like much. But, in a market that can move 50% in a single day, and splay as wide as 71% on months big bears come to play, milliseconds come to matter.
On XRayTrade, speed is prioritized in every way. Selling on 3 different exchanges can be as easy as pressing F1, F2, F3 on a keyboard. Gamer-approved functions (i.e. customizable hotkeys, click trading and programmable macros) boost anyone, newbie and programmers alike, to trading speeds rivaling that of algorithmic traders. Furthermore, co-locating XRayTrade’s servers next to the exchanges allows us to bring execution as close as possible to actuation point.
After a live demo of XRayTrade, which put to rest concerns for speed, the industry discussion covered a range of topics, including the current hot topic in crypto: custody. With media cycles fraught with news of personal data theft or money hacks or both, all traders have grown wary of digital custody. When touching on the recent and peculiar hack on Syscoin, the panelists reminded the audience of the stakes in custody, not only at an individual level, but for the crypto community at large.
“I have a personal interest in stopping the madness right now,” said IBM’s Peter Demeo. The management consultant for IBM is spearheading the deployment of the LinuxONE Crypto Ecosystem, a revolutionary server in terms of speed, scale and security. Currently focusing on Asia Pacific, such innovative solutions for crypto exchange and custody will be pursued in collaboration with bitHolla Inc. Indeed, if major players like IBM become confident enough to dive into crypto, it could ripple into a tidal wave through the perpetual markets.
Hayes, however, argued crypto will remain a space with low customer protection. If and when institutional investors jump in, it won’t be to back crypto traders in a contingency scenario. “Goldman Sachs isn’t gonna save your ass because you chose shitcoin A over B,” he said.
Pang, one of XRayTrade’s first testers and one of Korea’s prominent traders, stated the long-awaited call for over-the-counter (OTC) services and crypto hedge funds is still in its early days.
The discussion then reached its logical (lack of) conclusion: the infrastructure isn’t good enough to entice institutional investors yet, but for it to become good enough, investors ought to try it out as a work in progress.
We, at bitHolla, believe that participation is key to progress, which is why we’ve made signing into XRayTrade truly easy. Thanks to the email only process, no private data is needed. Once logged in, add the exchanges that interest you. They will be displayed on your Market Controls page, which acts as a dashboard for an at-a-glance view of P&L and 24h market status. To begin trading, simply click on a market to access your trading terminal.
Proud as we are to finally open up the platform, it’s worth noting that XRayTrade is still in beta. As such, we are open to suggestions and would love for the crypto community to help evolve XRayTrade into their main trading tool.
Ready for your edge on the crypto market?