Following their inability to spruce up users and the current ones opting for better alternatives, Trading Technologies (TT) has decided to shut down its crypto wing.
The news was broken down to the users by use of an email; the email was sent on Monday stating that by August 10 2019, the trading wing would not exist anymore. Of all trading platforms in the market today. Technology trading was able to attract less than 1000 members during its short stint in the market.
The firm VC stated that the firm was aiming to attract large stock traders in its platform who will show great loyalty in long term. However, this was not possible. Their efforts saw very little success, and it was on Monday that they had to clear up everything and will soon shut their doors.
TT has been in the fore for more than 25 years now. It has served both the biggest and the smallest financial institutions such as JP Morgan and Bank of America by providing the so much sorted trading software. In May 2018, the company launched its crypto trading block that never gained traction as different analysts widely anticipated. The company initially collaborated with Coin base to allow its customer base to enjoy the best of both. Through this partnership, its customers were able to enjoy current and future spot rates in the market. Another integration that TT employed was with both BitMex and CoinFlex, all this in the interest of the consumer.
While all these niceties were rolled out to have a magnetic effect to its current and future customers, the numbers just never grew as was widely expected. The company goes ahead to express the hypocrisy, in a statement, of trying to run two separate entities at the same time and continues to state that it was untenable and a big mistake in the first place.
The result of this short-lived venture is akin to those that took place in the 90’s where TT tried to ply its trade in electronic futures, a dream that collapsed shortly after it was unveiled. However, the company is still a shareholder of Coin flex, and there is no indication currently that it will sell those shares soon. The company is however enjoying success in its original business, which has provided services to financial institutions for more than 25 years now. This is not to say that the company cannot successfully handle a new venture.