5 Questions with Adam White of Coinbase’s GDAX, the U.S.’s Largest Digital Currency Exchange
As we hope you have now heard, Trading Technologies has launched connectivity to an important new asset class, spot cryptocurrencies! For TT, this represents a move into a marketplace that caused us to rethink the end-user experience so we could offer the cryptocurrency trading platform we would want to use. We are proud to be partnering with Coinbase’s GDAX exchange as our initial exchange connection into cryptocurrency trading.
We thought it would be fun to catch up with Adam White, Vice President and General Manager of GDAX, to get his perspective on the GDAX exchange, partnering with TT and the crypto market. Many thanks, Adam, for taking the time to share your thoughts.
– Mike Unetich, VP, Cryptocurrencies
What was the genesis for GDAX?
Adam: Prior to GDAX, Coinbase managed its liquidity needs by using other exchanges, but ultimately, we found this approach unreliable and insecure. We decided that if no one was going to create a trusted and compliant U.S.-based exchange then we would. Shortly after, we launched GDAX, which was built from the ground with up the security of our customer funds as our number-one priority.
There are a lot of cryptocurrency trading venues out there. Why should a professional trader select GDAX over the others?
Adam: Trust, liquidity and performance. GDAX is one of the largest exchanges in the world, with a large portion of our volume being driven by institutional clients that require the safest, most liquid trading venue. GDAX is also one of very few exchanges that operate under the New York Department of Financial Services’ BitLicense, meaning that our customers are protected by the highest compliance safeguards. Being part of the Coinbase family also gives our customers access to products like Coinbase Custody, a storage feature designed specifically to store the assets of institutional investors. We expect many more announcements like this throughout 2018.
Why did Coinbase choose to partner with TT rather than another software vendor?
Adam: TT shares GDAX’s commitment to providing users with a secure and seamless trading experience, the opportunity to work together was a natural decision. Many of the world’s largest institutional investors rely on TT for their unparalleled features, brand and reputation. We believe that having the GDAX spot market alongside the nearly 45 other markets on TT, including the CME Group, Intercontinental Exchange, and Nasdaq futures will help to bridge the gap between traditional investments and crypto trading.
Although cryptocurrency trading volume has greatly accelerated over the past year and become more mainstream, many professional and institutional traders are still sitting on the sidelines for various reasons. Why should professional traders get into crypto now?
Adam: We believe that there will be increased maturation and development in the crypto market, as new institutional products like bitcoin futures and custody offerings continue to take form. We also believe that continued technological development, such as improved public blockchain protocols, will help to further mature the crypto space and customer base.
What’s on the horizon for GDAX?
Adam: GDAX will continue to invest in our platform and focus on hiring the right people. Just this week we added two new additions to the GDAX team – Christine Sandler, Director of Institutional Sales, and Eric Scro, VP Finance, Institutional. We’ll also be looking to expand our footprint by growing our offices in New York, Chicago and London. We think that cryptocurrency is still in its early days, and we’re excited by the potential that the space holds for institutions and retail investors alike. By building out institutional-grade backend systems, additional customer service support and hiring excellent executives, GDAX will be perfectly poised to usher in this new era of investment opportunity.
To get started trading GDAX on TT, go to GDAX.com to create an account, fund your account directly on GDAX, then use our API key to connect your GDAX account to the TT platform.