- Matrix performs backend operations to add Block trading.
- Block trades to use request for quote(RFQ).
- Platform adds four virtual currencies, including stablecoins USDC and USDP.
- List of assets to offer versatility and flexibility.
Matrix, a global virtual asset trading facility, has performed backend updates on its platform to add Block trading to its capabilities. The Abu Dhabi-based multilateral trading facility and custodian also configured its platform to support XRP, the native currency of Ripple.Net, and Lumen (XLM), the native currency of Stellar.
Furthermore, the configured platform will also support the USD Coin (USDC) and the USDP. The USDC is a fully reserved fiat-backed stablecoin pegged to the US dollar and issued by Circle. On the other hand, the USDP is a regulated stablecoin backed one-to-one to the US dollar and native token of Paxos, a regulated blockchain-based financial system. The addition of these assets is subject to regulatory approval.
The addition of these new virtual currencies/stablecoins means that users can now purchase them without paying the trading fee for a limited time. Importantly, the users can secure a foothold on some of the most popular blockchains while accessing non-volatile assets.
The upgrade of the platform and the acceptance of the virtual assets are part of the Matrix’s strategy to provide both small and large-scale investors with the frictionless versatility they require when using the platform.
Speaking about the new upgrade, Vasja Zupan, President of Matrix said:
Our goal at Matrix has always been to give retail and corporate investors a single platform with the security of regulatory oversight. Expanding the platform’s functionality, whether by adding blocktrade functions or with additional tokens and stablecoins, means giving our customers more freedom and flexibility to manage their investments and trades in one place.
Specifically, traders performing large-scale transactions on the Matrix platform can execute their trades by issuing a request for a quote (RFQ). Afterwards, the platform shares the RFQ with some of the largest global trading desks to provide a live price for the desired virtual asset based on the quantity requested. The best offer is then displayed for the trader for a frictionless trading experience.
Block Trades using request for a quote (RFQ)
On the Matrix platform, traders looking to conduct a large-scale transaction can execute the Blocktrade by issuing a request for a quote (RFQ). Then, the platform will broadcast the RFQ to multiple counterparties, including some of the largest global trading desks, to offer a live price for the desired virtual asset based on the requested quantity. The best offer is then displayed to the customer for a seamless trading experience.
Although Blocktrading was previously done in traditional finance, it has now gained traction in cryptocurrency trades. It enables investors and traders to undertake high-volume transactions by using an intermediary.