By
Tolu Ajiboye
April 16th, 2024
QuantConnect announced the launch of cryptocurrency support. It became possible due to integration with Coinbase’s Global Digital Asset Exchange (GDAX).
QuantConnect is an open-source, cloud-based algorithmic trading platform for equities, FX, futures, options, derivates and cryptocurrencies. Its integration with Coinbase’s GDAX will enable QuantConnect users to include cryptocurrencies in algorithmic trading strategies.
“Adding cryptocurrency support to QuantConnect was the next logical step for our business,” stated Jared Broad, QuantConnect CEO. “As a powerful open-source initiative, we saw an opportunity to reach a larger set of quants & engineers that have been investing in digital currencies. Now, with a strategic integration with GDAX, the QuantConnect community can design and instantly deploy cryptocurrency strategies.”
“This integration shows the continued commitment of traditional financial institutions to adopt this technology and widen access for customers,” said head of GDAX, Adam White. “As the awareness of digital currency as an emerging asset class grows, QuantConnect has made it easier for institutions to conveniently backtest, research and live trade digital currencies, and integrations like these continue to make GDAX the most trusted digital asset exchange.”
Now QuantConnect has much more opportunities. Clients of this platform have more chances to calculate their steps. Its main functions are associated with identification, backtest and discovering new ideas. Users will also have the opportunity to hedge preexisting positions by investing in cryptocurrencies.
Thanks to the live algorithmic trade, QuantConnect has been developing very strongly lately. Activities linked to strategy building and backtesting have increased by 300 percent. Concerning activity connected with live algorithms, it has raised by 30 percent.
It is worth recalling that Coinbase’s GDAX planned to enable Bitcoin Cash withdrawals by January 1, 2018. But before the announcement of this fact Coinbase had stated that it refused to accept the new blockchain currency and gave its clients the possibility to withdraw their BTC’s from platform. This situation led to a storm of indignation and accusatory messages on its forums. Clients even set up the website called Coinbase Bitcoin Lawsuit Portal.
So Adam White decided to explain adding support for Bitcoin Cash:
“Our top priority is always the safety of customer funds and we spend extensive time designing, building, testing and auditing our systems to ensure that the digital assets we support remain safe and secure. We may not always be first in adding an asset, but if we do, you can be sure that we have invested significant time and care into supporting that digital asset securely.
We believe this is the best approach for us to maintain customer trust and ensure a fair and orderly market. Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for all GDAX customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.”
It should also be reminded that in August Coinbase raised $100M in Series D funding led by venture capital company IVP. IVP has already invested in more than 300 companies, 106 of which have gone public. They include Dropbox, Slack, Netflix, Twitter, and Snap.
“This represents a major milestone for our mission to create an open financial system for the world,” said Coinbase CEO, Brian Armstrong.