SEAMLESSLY CONNECTING FX AND CRYPTO ECOSYSTEMS THROUGH UNIFIED TECHNOLOGY ENABLES BROKERS TO ACCESS BOTH ASSET CLASSES EFFICIENTLY, SIMPLIFYING OPERATIONS AND EXPANDING CLIENT


OFFERINGS.


The Intersection of Cryptos and FX Over the last few years, we have seen a shift toward multi-asset brokerage models. As this trend continues, FX brokers are increasingly integrating crypto trading alongside traditional FX pairs, responding to client demand and providing seamless access within a single environment. Technology is the key enabler here. The same technology that transformed FX - liquidity aggregation, advanced bridging, smart routing, and sophisticated risk tools - is now being applied to crypto trading.


However, despite similarities, FX and crypto have some major differences. FX liquidity is sourced from banks, non-banks, and ECNs whereas crypto liquidity is fragmented across exchanges, OTC desks, and decentralised venues. FX runs 24/5, while crypto operates 24/7. Managing price discovery, risk, and latency in such different environments requires careful consideration but, with support from technology experts across both asset classes, these two ecosystems can be seamlessly connected. In fact, Gold-i’s MatrixNET liquidity management platform was built with this in mind, enabling brokers and financial institutions to access both FX and crypto liquidity through a single, unified interface, simplifying operations by having one technology stack, one risk layer, and one integration point.


The Rise of Crypto Prime Brokers As crypto markets mature, we are seeing the emergence of institutional-grade prime brokers and prime of primes, mirroring the structure that has supported FX brokers for decades. These providers leverage large balance sheets, global regulatory footprints, and deep relationships across liquidity providers to deliver aggregated liquidity and credit intermediation. For brokers, this means they no longer need to maintain multiple exchange relationships. Instead, they gain a single point of access to high-quality, aggregated crypto liquidity, supported by familiar risk-management models.


This development marks a significant step forward. It professionalises the crypto liquidity landscape and makes it easier for FX brokers to expand into digital assets using the same operational approach they use for FX.


The Rise of Cryptos The SEC’s regulatory approval of Bitcoin spot ETFs in January 2024 brought institutional credibility and regulatory oversight to digital assets, accelerating institutional adoption – so much so, that traditional financial institutions now treat digital assets as legitimate components of a diversified portfolio.


Institutional participation has resulted in deeper liquidity, narrower spreads, and greater market stability. Importantly, it has given a level of validation and trust which is fuelling further industry growth.


Volatility in crypto is often cited as a concern, but far from being a threat, it has created compelling growth opportunities for brokers and financial institutions. High-velocity markets generate demand for hedging, leverage, and sophisticated execution which are all core strengths of the FX world.


A further indication of cryptos being brought into the realm of traditional financial markets is that digital assets are often now used as collateral. A growing number of regulated institutions offer crypto margin facilities, enabling clients to deposit digital currencies as margin.


Evolution of Exchanges Another major trend is the evolution of crypto exchanges. For years, the market was dominated by retail-focused venues. Today, we are seeing the rise of new institutions like Bullish and GFOX, which are designed specifically for institutional liquidity, compliant trading, and robust governance.


These exchanges provide features that look increasingly like those of FX ECNs, including transparent order books, deep liquidity provisioning, audited reserves, segregated accounts, and low- latency infrastructure. The move toward regulated, institutionally-focused venues is one of the clearest signs that crypto is transitioning from speculative retail trading to a widely respected institutional asset class.


THE MOVE TOWARD REGULATED, INSTITUTIONALLY-FOCUSED CRYPTO VENUES SIGNALS THE TRANSITION FROM RETAIL SPECULATION TO A WIDELY RESPECTED INSTITUTIONAL ASSET CLASS.


10 | ADMISI - The Ghost In The Machine | Q4 Edition 2025


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