Kraken just announced a new integration with a third party, Seabury Global Markets that opens up a greater choice of tools and platforms to execute transactions.
Using Seabury Global Markets’ (SGM) messaging and order routing gateway, Kraken’s users can now trade on Etana Custody, a custodian company that offers services for fiat and digital assets, which also works the other way around.
The combination of technology, trade and settlement solution enables physical crypto for fiat trade to happen in real time on MT4/5, with settlements performed based on client instruction via SGM’s gateway.
According to Finance Magnates, a successful pilot transaction was conducted by Garlic Capital Corporation, which is both Etana and Kraken’s client.
To break it down, SGM acted as tech vendor that connected Kraken pricing for use with MT4/5 and then delivered the post-trade settlement instructions to Etana. The transaction itself was done on Kraken’s platform.
Commenting on the successful pilot transaction, Etana’s CEO, Brandon Russel said, “The transaction was frictionless as all assets, both Fiat and digital, were pre-funded and held by our partner banks and wallet providers.”
Moreover, he said, “We see this as an opportunity for our MT4 clients to seamlessly offer crypto to their end users and to provide additional volumes to exchanges within the Etana ecosystem, all while keeping client assets safe in a secure environment.”
Adding to the comments, SGM’s president and CEO, Rob Fleschler said, “This is an important development for the buy side as it allows clients to select their own execution tools & methodology, combined with the use of a neutral third party for settlement yet able to continue to deal with one of the most established exchanges providing pricing and finality of trade.”
Another update on the exchange, a recent study conducted by security companies, CER and Hacken listed Kraken on the top position of the safest crypto exchanges based on server security, user security and ongoing crowdsource security assesement.