Matrixport Unveils Crypto-Liquidity Aggregator Phoenix Prime

April 03, 2024 - As the cryptocurrency market ecosystem continues to evolve, Matrixport appears to be one of the pioneers in liquidity aggregation. The company just unveiled its brand new product called Phoenix Prime, an aggregator engine a term traditionally associated with traditional asset classes such as FX.

Headquartered in Singapore, the company has come up with a new approach to the crypto-centric prime brokerage segment. The product the company unveiled today, is much more akin to a classic foreign exchange market liquidity aggregator.

Matrixport, claims to provide the first unified access to the crypto market, With low latency and advanced Smart Order Routing (SOR) aggregating liquidity from Binance, OKX and Bybit. The firm is offering spot, perpetual and dated futures liquidity.

The company highlighted its future plans that include expansion of the sources of liquidity, as well offering a streamlining of the KYC/AML processes required across different jurisdictions.

Commenting on the announcement, the Global Head of Prime Brokerage at Matrixport, Daniel Egloff said: “As the market evolves, the crypto prime brokerage value proposition will move beyond the primitive business model of renting out exchange sub-accounts.”

With the goal of eliminating fragmentation of liquidity across a variety of products such as spot and crypto futures, Egloff said execution can take as little as 30 microseconds.

“Trading firms will be able to capitalize on new trading opportunities, maximize capital efficiency, and reduce counterparty risk, all while benefiting from competitive execution costs,” the company’s executive elaborated.

The co-founder of Matrixport, Jihan Wu was also involved in the creation of mining chip-design giant BitMain. Currently he serves as Chairman of Bitdeer (NASDAQ:BTDR), a firm that recently unveiled it’s first Bitcoin mining chip, the 4nm SEAL01.