U.S. Markets close in 2 hrs 27 mins

Binance.US partners with Tagomi to boost liquidity in the US market

Yilun Cheng

Binance.US has partnered with institutional crypto brokerage Tagomi to offer its users increased access to the marketplace’s trading pairs, hoping to give institutional liquidity in the U.S. market an instant boost.

Backed by Peter Thiel’s Founders Fund, Tagomi seeks to build a platform for big-money traders and investors to capture the best price across different marketplaces. Now its institutional clients will gain access to Binance.US’ select trading pairs and enjoy increased on-demand liquidity

“Institutional traders in the U.S. present an outsized demand that is currently not being met,” said Catherine Coley, CEO of Binance.US in a press release. Large funds, venture capitalists as well as family offices across the U.S. need broader and safer access to participate in the global crypto market, she explained, and the partnership with Tagomi aims to further that goal.

This move comes amid Binance.US’ plunging daily trading volume, which reached almost $25 million in late October but dropped below $5 million in early November after the company stopped offering fee-less trading. Today its trading volume constitutes less than 0.5% of Binance's, showing signs that the American arm of the crypto exchange giant is still struggling in this early stage.

The Block previously reported that Tagomi was in acquisition talks with one of Binance.US’s main competitors, Coinbase, which would complicate its new partnership with Binance.US.