CoinRoutes now offers dedicated FIX connectivity to crypto market maker Wincent, allowing institutional clients to access its liquidity through the CoinRoutes order and execution management system without setting up separate connections.
Initial rollout begins with one client
The integration went live this month with a single institutional client whose name remains confidential due to legal restrictions. The company has not set a target for additional counterparties by the end of the year.
Clients must still negotiate their own commercial terms and credit lines directly with Wincent, regardless of whether they connect through CoinRoutes or Wincent’s own FIX API. The bilateral relationship remains unchanged; CoinRoutes only provides routing infrastructure and charges a separate platform fee, though the structure was not disclosed.
“Our clients do not want to choose between reach and relationships,” said CoinRoutes CEO and co-founder Ian Weisberger.
Non-exclusive partnerships expand options
Wincent can continue distributing liquidity through other order and execution management systems, while CoinRoutes can add more market makers to its network. The setup resembles Wincent’s March agreement with Wyden, which allowed banks and brokers to access liquidity across 200 assets and 17 venues using Wyden’s Smart Order Routing engine.
Over the past three years, CoinRoutes has built similar integrations. In October 2024, it added Crossover Markets’ CROSSx electronic communication network. The previous year, it expanded its OKX integration to include API-based execution and additional order types.
For trading desks already using CoinRoutes, the Wincent connection eliminates the need to maintain a separate FIX session. They can continue using the platform’s smart order routing, execution algorithms, portfolio tools, and transaction cost analysis while adding Wincent as another liquidity provider.
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This approach may attract institutions looking to reduce operational complexity. “Institutional participants want deeper, more efficient access to liquidity without added operational burdens,” said Wincent Chief Business Development Officer Boris Sebosik.
Traders managing multiple providers through CoinRoutes will notice little change in their workflow. The platform currently connects to over 60 liquidity venues and covers more than 3,000 digital asset instruments. Wincent executes about 500,000 trades and $5 billion in notional volume daily, with $750 million in deployed capital.
Similar integrations are becoming standard. In July, Virtu Financial partnered with BitGo Prime, combining Virtu’s liquidity with BitGo’s custody and settlement infrastructure. The trend shows that market makers and institutional platforms favor seamless connectivity over exclusive deals.
For traders moving billions daily, the choice between a direct FIX connection and a routed one often depends on latency and control. While a dedicated session through CoinRoutes may not match the speed of a direct line, it can lower the cost of managing multiple API integrations.
Pricing and credit terms stay off-platform
CoinRoutes does not influence the pricing or credit agreements between Wincent and its clients. Those remain strictly bilateral, negotiated outside the platform. The only fee CoinRoutes charges is its own, which the companies did not specify.
The separation maintains platform neutrality but means smaller institutions may still face the same credit challenges they would with a direct connection. The model benefits established players who already have credit lines in place.