Trading Technologies Trading Software Maker to Shut Down TT Crypto Due to Lacking Retail Users
Trading Technologies, the company behind the TT Crypto platform, has decided to shut down its exchange. The reason for that is that the company was unable to successfully attract more users. The vice president of the company, Mike Unetich, affirmed that the company will be shut down for good on August 9.
He also affirmed that the main goal of the platform was to cater to retail investors. However, time passed and that never happened.
Trading Technologies is a large company with important customers such as JP Morgan, Citigroup, Bank of America Merril Lynch and others. Because of this, it has no need to keep focusing on a project that was a clear failure.
This trading platform was originally created in 2018 and it lasted around a year before the decision to shut it down. Initially, it had a partnership with the Global Digital Asset Exchange (GDAX), which belonged to Coinbase. Later, the platform was also integrated into some other platforms such as CoinFLEX and BitMEX.
Part of the plan was to make something similar with what electronic futures trading made to the market back in the 90s, however, there were other companies that were better suited to take the market forward than TT.
Not even all of these partnerships were enough to draw enough investors to use the services that were provided by TT Crypto. Now that the plans of the company have clearly failed, the company will probably continue to offer its services to institutional clients and retail investors will start to be an afterthought again.