The first metal used by humans was probably gold — around 40,000 B.C., give or take a few years — which means it was probably also among the very first things to ever be traded. Fast-forward to the 21st century and cryptocurrency is a thoroughly modern invention built on the infrastructure of the digital age, designed to live on the internet without a physical component.
According to Alexander Kravets, both gold and cryptocurrency will be equally at home on Symbridge, a new Greenwich-based digital asset exchange, when it launches in March.
In anticipation of that launch, Symbridge sought and received FINRA certification to operate an Alternative Trading System. The goal is to create a disruptive combination of appeal to traditional traders and leveraging of the latest in blockchain technology.
“What we ‘re doing is essentially creating a new paradigm for trading spot crypto and tokenized assets, ” Kravets said. “That really hasn ‘t been done before in an institutional setting with a full suite of licensing.
“We ‘re going to launch with major crypto pairs and a tokenized metal pair, ” he added. “It ‘s the first time when a spot commodity that is redeemable for physical assets is launching and trading on a 24/7 basis. ”
By emphasizing a white glove approach designed to appeal to the more established licensed traders and firms, Kravets observed that Symbridge is hoping to make crypto trading accessible and simple for people familiar with traditional trading but intimidated by the complexities of a market that is still maturing.
According to Kravets, white glove service revolves around providing a level of support on par with what experienced traders have come to expect. Instead of being one among millions or having to navigate bots and automated systems after putting in a support ticket, Symbridge users can expect to get an actual person on the line who will be able to provide immediate feedback, answer any questions and help run any associated crypto account questions as smoothly as possible.
“We are essentially creating a more approachable solution for institutional and accredited clients, ” Kravets said, emphasizing the utility of around-the-clock access. “Suppose those markets are closed on Saturday for instance. We ‘ll basically be creating new price feed, a new market for this asset, but also combing it with crypto trading is interesting as well for institutional investors and traders. ”
Symbridge will allow investors to work with Asset Backed Tokens (ABTs), which behave like digitized assets but are backed by real physical assets with deliverable amounts of valuable metals such as gold, silver or palladium.
“We ‘re providing an institutional grade infrastructure for accredited traders comfortably and easily trade in reliable systems they ‘re familiar with, ” Kravets explained. “This should make the barrier of entry lower for them than when it comes to traditional crypto exchanges. ”
Kravets described the target demographic as “active traders, hedge funds that trade crypto, everything from three guys in a basement managing family assets up to big institutions that want to get into crypto trading and just need a comfortable on-ramp to do that. “
