Tagomi Makes Shorting Bitcoin and Ether Easier
1 min read
Bloomberg Quint reported on Sept. 12 that Tagomi aims to make shorting easier by offering immediate access to multiple counterparties from a single platform.
Tagomi is a New York-based cryptocurrency brokerage and trading platform has been granted BitLicense March this year, according to a press release.
Complexity in shorting crypto
There is a bit of complexity when shorting crypto assets. Traders will need to “call a host of brokers and trading desks to find the best rates for borrowing and risk the market moving against them during the time it takes to put on a trade.”, as per the report.
Kevin Johnson (COO Tagomi) also commented on the complexity of applying such strategies to crypto:
“In other asset classes this would be done with one click, but in crypto it’s very long and tedious to try and put a short on.”
Dennis Chou (Director at Pantera Capital) noted that the ability to short is a very useful tool for traders. Chou also noted that it is not only useful to those wanting to bet against crypto. It is also to those looking to apply quantitative strategies, relative-value trades, and for hedging.
Dennis Chou commented:
“The crypto space is volatile, so if you can’t short, you’re missing part of the puzzle.”
