2nd rate alt governed by 1st principles. data & circuits | politics & art
~/iarbpairs
Joined November 2022
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bloomberg's moat != the client
it's some combo of data, licensing, institutional connections, and network effects
crypto is interesting because a lot of these barriers are lower or non-existent. market data is accessible, exchanges have APIs, onchain data is public (licensing/relationships seem to matter less)
meanwhile liquidity is fragmented across dozens of CEXs/DEXs, everyone juggling 15 different interfaces, platforms, execution tools, etc.
so hypothetically why not just aggregate all of it? unified terminal, cross-exchange trading, consolidated data, advanced execution, etc all in one place.
wouldn't that be a great product?
oh wait:
@InsilicoTrading 🐸
proprietary + licensed data, decades of historical financial data, real-time feeds, institutional integrations, and network effects. especially bloomberg chat... everyone who is anyone already uses it to communicate and transact. reverse engineering the client doesn't give you the existing user network that make bloomberg valuable
Compute trades mostly bilaterally. Standardized, exchange-traded contracts would add price transparency, surveillance, and clearing to the market. Jump’s comment letter supports CFTC oversight of cash-settled, physically settled, and perpetual contracts. Jump looks forward to being a part of building these markets.