CoinRoutes has added dedicated FIX connectivity to crypto market maker Wincent, allowing institutional clients to access its liquidity through the CoinRoutes order and execution management system. The companies are launching the connection with one institutional taker, whose identity cannot be disclosed due to legal restrictions.
The arrangement gives Wincent another distribution channel after the market maker joined Wyden’s liquidity network in March. Each client will retain a direct commercial and credit relationship with Wincent.
Existing Clients Can Add Wincent as Another Provider
Every counterparty must have a bilateral agreement with Wincent covering its commercial terms and credit line. The requirement applies whether the client connects directly to Wincent’s FIX API or accesses its liquidity through CoinRoutes.
For institutions already using CoinRoutes, the integration removes the need to build a separate connection to Wincent’s FIX stream. This may be particularly useful for trading desks that manage several liquidity providers through the same order and execution management system.
Clients can add Wincent as another provider while continuing to use CoinRoutes’ smart order routing, execution algorithms, portfolio management tools and transaction cost analysis.
“Our clients do not want to choose between reach and relationships. They want both,” CoinRoutes CEO and Co-Founder Ian Weisberger said.
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The pricing and credit terms between each taker and Wincent will remain bilateral. CoinRoutes separately charges liquidity takers a platform fee, although the companies did not disclose how that fee is calculated.
A Non-Exclusive Distribution Model
The arrangement is non-exclusive. Wincent can provide liquidity through other OEMS platforms, while CoinRoutes can establish dedicated sessions with additional market makers.
Wincent’s March agreement with Wyden gave banks and brokers using that platform access to the market maker’s liquidity. The companies said Wyden clients could route orders across more than 200 assets and 17 venues using its Smart Order Routing engine.
CoinRoutes has developed its network through similar integrations. Crossover Markets’ CROSSx electronic communication network joined CoinRoutes in October 2024, five months after CROSSx became the first crypto ECN connected to institutional trading technology provider Talos.
In August 2023, CoinRoutes and OKX expanded their integration to provide API-based execution services and additional order types to institutional users.
The Wincent connection uses dedicated sessions for participating clients. Their agreements, pricing and credit arrangements remain directly between the client and the market maker.
Initial Rollout Begins With One Taker
The connection is launching with one institutional liquidity taker. The companies have not named the client and did not provide a target for the number of connected counterparties by the end of 2026.
CoinRoutes says its platform connects to more than 60 liquidity venues and covers over 3,000 digital asset instruments. Wincent reports executing about 500,000 trades and $5 billion in notional volume per day, with $750 million in deployed capital.
The launch follows other efforts to connect market makers with institutional trading and custody networks. In July, Virtu Financial joined BitGo Prime, combining Virtu’s liquidity with BitGo’s custody and settlement infrastructure.
“Institutional participants are demanding deeper, more efficient access to liquidity without adding operational complexity,” Wincent Chief Business Development Officer Boris Sebosik said.
This article was written by Damian Chmiel at www.financemagnates.com.
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