Integral, a technology provider in the forex trading industry, has launched a stablecoin-based crypto prime broker. Named PrimeOne, all traders on the platform will be funded and collateralised through stablecoins, not cash.
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Keeping the Trust ‘On-Chain’
Announced today (Tuesday), the company explained that credit, trading, and settlement will be done on-chain. It added that as open positions change in value, USD stablecoin-based margin automatically moves between counterparties’ wallets in real time, virtually eliminating counterparty credit risk.
However, PrimeOne will have complete visibility of clients’ balances and wallets.
“As institutional adoption of crypto accelerates, the lack of accessible credit remains the last major hurdle to widespread participation,” said Harpal Sandhu, CEO of Integral. “PrimeOne reduces risk, cost, and complexity while unlocking liquidity, profitability, and confidence in crypto trading.”
Further, Virtu Financial has already become an early user of the platform, which will eliminate counterparty risks given its size.
“We are strong proponents of the emergence of blockchain technology, and PrimeOne exemplifies the powerful democratising capabilities that it delivers,” said Virtu’s Scotte Moegling, adding that the new platform will provide investors with “greater competitive pricing with less risk.”
Integral’s Bet on Crypto
Established in 1993, Integral primarily provides cloud-based SaaS FX workflow solutions and targets a broad range of buy-side forex market participants, including banks, brokers, asset managers, and hedge funds.
The company entered the crypto space directly in 2023 with the launch of Integral Digital, a trading and client distribution platform to support cryptocurrencies and fiat-backed stablecoins. It developed the platform by bringing Mint Exchange, an institutional crypto exchange, on board as a partner.
The latest crypto prime brokerage solution came as institutional demand for cryptocurrencies was skyrocketing. Recently, FalconX, another crypto prime broker, launched an electronic crypto options trading platform targeting institutions.
The demand for prime brokers also surfaced when Ripple agreed to buy Hidden Road for $1.25 billion. “Ripple was well known to Hidden Road as a customer,” Hidden Road’s International CEO, Michael Higgins, told FinanceMagnates.com. “Hidden Road was known to members of the Ripple management team. There was a natural relationship between our firms.