XTRD
XTRD
Token: XTRD


Unifying Cryptocurrency Exchanges

ICO dates
Start date: 2018-02-20
End date: 2018-03-31

Registrated in: Cayman Islands

Platform: Ethereum
Type: ERC20

PREMIUM ICO

XTRD categories
Banking Cryptocurrency Investment Platform Software
XTRD whitepaper
Video
XTRD token sale
KYC passing required Yes | Whitelist Yes | Restriction for countries Persons located outside the US, and US Accredited Investors
Token distribution in ICO
50%
50%
Price 1 XTRD = 0.1 USD
Acceppting ETH
XTRD news, social
XTRD search trends in Google
Random whitepaper excerpts

Disclaimer
PLEASE READ THIS DISCLAIMER SECTION CAREFULLY. IF YOU ARE IN ANY
DOUBT AS TO THE ACTION YOU SHOULD TAKE, YOU SHOULD CONSULT YOUR
LEGAL, FINANCIAL, TAX, OR OTHER PROFESSIONAL ADVISOR(S).
This white paper is for informational purposes only. The information set forth below and
elsewhere in this white paper may not be exhaustive and does not imply any elements of
a contractual relationship. While we make every effort to ensure that any material in this
white paper is accurate and up to date, such material in no way constitutes the provision of
professional advice. XTRD Digital Assets Inc. does not guarantee, and accepts no legal liability
whatsoever arising from or connected to the accuracy, reliability, currency, or completeness
of any material contained in this white paper. Any potential XTRD token holders or investors
should seek appropriate independent professional advice prior to relying on, or entering
into any commitment or transaction based on, material published in this white paper,...

Contents
04 ABSTRACT
29 XTRD TOP LEVEL ARCHITECTURE

• Market Data Plant
05 ISSUES IN THE CRYPTO SPACE
• Order Management System
• Complex Web of Exchanges
• Account Management System
• High Fees
• Connectors Pool
• Thin Liquidity

34 XTRD TOKENOMICS
07 XTRD SOLUTION
• Summary
• Implementation of a Multi Exchange
• XTRD Staking
FIX API
• Token Legal Considerations
• Launching the XTRD PRO
Trading Platform
35 XTRD TOKEN GENERATION
• S.P.A. (Single Point of Access) Liquidity • SAFT Compliant Presale to Accredited
Aggregation/Cross-Exchange Execution
Investors
• XTRD Dark Pool
• Token Generation Event
• XTRD Token • Token Sale Terms

• Token Allocation
11 TEAM AND ADVISORS
• Use of Funds
16 XTRD PROJECT
• Overview
• XTRD Private Network
• Latency Red...

Abstract
As of January 2018, there are over 120 standalone
cryptocurrency exchanges, facilitating trading in
more than 1000 individual markets. Daily trading
volume for cryptocurrencies is now equivalent
to 20 billion USD, with a total market cap of
over $700 billion. The majority of the trading
is concentrated among the top 20 exchanges,
denominated in multiple currencies ranging from
crypto ones including Bitcoin and Ethereum to
sovereign ones such as USD, GBP, JPY, CNY, and
KRW, among others. Predictions point to growth
toward a $1-2 trillion market capitalization in
2018, and a corresponding 3% average daily
trading volume of $50 billion or more.
1
Asset managers are beginning to see increased
demand for cryptocurrency exposure in their
portfolios, over 500 active funds are being created
to enter the market in 2018, and the regulatory
climate is warming. However, the market is
nascent, and large spreads are common between
exc...

Issues in the Crypto Space
COMPLEX WEB OF EXCHANGES
A combination of differing KYC policies,
means of funding, interfaces and APIs results
in a fragmented patchwork of liquidity for
cryptocurrencies. Trading in an automated
fashion with full awareness of best pricing
and current liquidity necessitates the opening
and use of accounts on multiple exchanges,
coding to multiple API’s, following varying
funding and withdrawal procedures. Once
those hurdles are cleared, market participants
must convert fiat currency to BTC or ETH and
then forward the ETH on to an exchange that
may not accept fiat, necessitating yet another
transaction to convert back to fiat. Major
concerns for market participants range from
unmitigated slippage
3
and counterparty risk
to hacking prevention and liquidity.
HIGH FEES
Execution costs are even more of a factor.
Typical exchange commissions are in the
0.1% – 0.25% range per transaction (1...

Issues in the Crypto Space
To reduce costs at one exchange, we can try to spread the order out over time. But, since
the price of bitcoin can vary significantly throughout the day, simply delaying execution
time doesn’t solve the price change problem.
TIME VS SLIPPAGE COST
$100,000
$80,000
$60,000
$40,000
$20,000
$-
0
20
40
60
80
100
Minutes to fill order
FIGURE 1 TIME VS SLIPPAGE COST
Instead, by simultaneously routing an order to multiple exchanges, XTRD can increase
the total volume that trade is executing against in a short period of time and decrease
its slippage. This is done by splitting the “parent” order into smaller, “child” orders. If we
still want to execute our order in 10 minutes to take advantage of current bitcoin pricing,
we can reduce the slippage from 10% to 0.4% by routing our order simultaneously to 5
different exchanges. This will reduce our slippage cost from $100,000 to $4,000,

XTRD Solution
XTRD IS LAUNCHING THREE SEPARATE PRODUCTS
IN SEQUENTIAL STAGES TO SOLVE THE ONGOING
PROBLEMS CAUSED BY HAVING SO MANY DISPARATE
MARKETS: LOW PER-MARKET LIQUIDITY, UNFAMILIAR
INTERFACES THAT LAG BEHIND FINANCIAL INDUSTRY
STANDARDS, AND DECENTRALIZED EXECUTION IN
CRYPTO
STAGE 1 – IMPLEMENTATION OF A MULTI EXCHANGE FIX API
What is FIX?
The
Financial Information eXchange
(FIX) protocol was created in 1992 to serve as the
“universal” communication language for international financial transactions. Since all
order systems are different, there was a strong need to communicate all executions
between brokers, exchanges, mutual funds, investment banks, and direct market access
participants using a universal format.
FIX is the standard means of communication for trading in global equity markets, and
is also heavily used in currencies, bonds, and derivatives.
Every large institutional and
professional market participant uses FIX to ...

XTRD Solution
Here is a FIX table to illustrate basic XTRD order entry for cryptocurrency pairs:
TAG
FIELD NAME
COMMENTS
49
SenderCompID
Unique identifier, assigned to a counterparty
56
TargetCompID
XTRD server identifier
11
ClOrdID
Unique order ID assigned by client
21 Handling Instructions
Required field, should always be set to 1(Automatic execution)
55
Symbol
Pair name to trade
Order type to trade. Supported values:

Market(1)
40
Order Type

Limit(2)

Stop(3)
44
Price
Price for Limit orders that set the price for execution
Order side. Supported values:

BUY(1)
54
Side

SELL(2)
38
Initial order size Initial order size
Field, that controls Order lifecycle. Supported values:

Day(0)
58
Time in Force

Good Till Cancel(1)

Imm...

XTRD Solution
STAGE 2 – LAUNCHING THE XTRD PRO TRADING
PLATFORM
Most finance professionals and active traders
don’t use web based trading platforms to
consume market data and trade. Instead, they
use robust, secure, standalone, downloadable
applications that allow for fast order entry,
immediate execution, advanced charting,
and custom order types. Those applications
provide customer support including feature
development tailored to their customers’
demands. The most successful of these
applications become platforms that are used
to manage trading across multiple systems and
asset classes.
In the crypto space, such a platform does not
yet exist. Currently, there are only web based
systems on each exchange that are slow and
difficult to use. A few aggregation platforms
exist that do feature trading across exchanges,
but those aggregators, too, are web based and
lack the low latency, security, and functionality
that in...

XTRD Roadmap

1
Q1 2018
Currently, most cryptocurrency exchanges • offer an http-based REST API/Web socket for execution and market data. Even though these
APIs are mostly similar, they are still heavily ‐ fragmented, requiring many resources to unify
into a single trading application. FIX is widely ‐ adopted and much faster. ‐
Therefore, the first step for XTRD to develop • a unified FIX API for market data, order entry,
and funds movement. When the FIX API is implemented, XTRD will not act as a custodian
of funds or execute from an inventory account,
but will instead facilitate trading for clients • who have existing accounts at the most liquid exchanges by utilizing the FIX API to seamlessly • place orders across the optimal mix of • exchanges on which they have accounts.
XTRD Dark Pool
subscribers utilizing the FIX protocol Provide single trading interface over the FIX API to all connected exchanges. Right now, we support the following orders types:
- market and limit, stop and stop limit, trailing stop
- contingent, multi contingent
- OCO (one cancels the other) and OTO
(one triggers the other)
Perform SMART routing – the execution engine will automatically choose the best execution path based on previous trading history and current market conditions (liquidity, price, slippage)
Spread one large order across multiple exchanges
‐Perform pre-trade risk management
‐Drop copy all executions to clients over a FIX API
We already have a FIX product (built originally for FX and Equity markets) with the capability to:
• Aggregate liquidity across different exchanges
• Manage orders books consistently, in real-time
• Build custom single order books based on
an account’s unique needs (e.g. I want to see
quotes from Exchange A and B but not from C)
• Stream normalized market data to
• ‐Handle up to 20,000 orders per second
XTRD anticipates completion of a production multi-market FIX API for crypto execution, market data, and fund movement by Q4 of 2017.
2
Q2 to Q3 2018
XTRD is an advanced, multi exchange manual crypto trading platform built by traders, for traders.
XTRD principals have a combined 30 years of experience developing and administering front end systems for active traders in FX and equity, as well as creating and maintaining the back- end systems required to support front end trading. This involves a combination of extensive knowledge in market data handlers and data feed parsing, low latency execution engines, ticker plants, on-site colocation infrastructure with exchanges, advanced order types, execution reporting, database administration, and other operational requirements as well as implementation of industry best practices.
CURRENT DIFFICULTIES WITH CRYPTO EXCHANGE GUIS AND SYSTEMS
Most cryptocurrency exchanges have an antiquated, bare bones system that is accessed through a webpage with limited functionality. It’s difficult to engage in high speed, multi- exchange execution given the necessity of clicking, scrolling, and typing in updated pricing as the order books continually change.
For comparison, most manual high-speed trading systems utilize keyboard shortcuts and programmed functions, as well as initial pricing for order entry automatically pegged to bid/ask or +/- a certain liquidity threshold to cross the inside quote.
The order book representation is also quite antiquated, with little to define individual market participants, incomplete representations of liquidity, and constant “bursts” of executions that come through in the aggregate because the exchange systems are too slow to pass through executions as they occur. This creates a “dam” effect where there is a burst of orders which lag by hundreds of milliseconds, and sometimes whole seconds – a length of time that would
be considered unworkable in any other active trading space.
Current crypto exchange systems are not robust enough to handle large traffic and varying order types. As an example, in late August 2017 a large crypto exchange had to disable all advanced order types for two months - including stop losses and trailing stops - to mitigate strain on their platform.
3
Q4 2018
SPA, or Single Point of Access, will allow XTRD to facilitate execution across multiple exchanges by opening just one account.
SPA will be facilitated via a JV agreement with existing cryptocurrency exchanges. The first exchange to participate as a JV partner with XTRD is CEX.IO, with over $400 million USD daily volume, 1.2 million active traders and 7 million unique visitors per month.
The JV agreement structure will allow XTRD to act as a technology provider/execution broker without having to assume the duties of fund custody and the requisite exchange regulatory and compliance overhead. The exchange will take custody of client funds and maintain KYC, while XTRD will act as the execution venue for the client’s orders.
If an order needs to be filled outside the JV exchange, XTRD will execute that transaction using our inventory account at another exchange and move the position over to the JV exchange where the customer’s account is resident. The customer will be debited for the transaction at the JV exchange and settlement will occur there. XTRD will internalize client orders via the XTRD Dark Pool – if two orders match, we will not need to go out to other exchanges to fill them, but will instead match the market participants internally.
XTRD will employ Continuous Net Settlement (CNS) to settle trades. CNS is similar to the National Securities Clearing Corporation (NSCC) settlement system in the sense that there is an automated book entry accounting system in place, except that XTRD will actually settle the trades much more quickly than T+2 or T+35 by continuously sweeping the positions between various exchanges.
Alexander Kravets
Alexander Kravets Founder, CEO

Serg Gulko
Serg Gulko Founder, CTO

Jon Giacobbe
Jon Giacobbe Founder, COO

Oleksandr Lutskevych
Oleksandr Lutskevych Advisor (CEO, Co-Founder CEX.IO)

Mushegh Tovmasyan
Mushegh Tovmasyan Advisor (Founder, Divisa Capital)

Lex Sokolin
Lex Sokolin Advisor (Global Director, Fintech Strategy Autonomous Research)

Alexander Kravets
Alexander Kravets
Founder, CEO
Founder of XTRADE.IO
Lex Sokolin
Lex Sokolin
Advisor (Global Director, Fintech Strategy Autonomous Research)
Fintech entrepreneur & futurist.
Fintech, Futurism and Autonomous research
FINTECH ADVISOR
Mushegh Tovmasyan
Mushegh Tovmasyan
Advisor (Founder, Divisa Capital)
CEO, Divisa Capital
Founder and CEO of UK regulated prime broker Divisa Capital
Serg Gulko
Serg Gulko
Founder, CTO
Technology Advisor
TECHNOLOGY ADVISOR
Senior Advisor from XTRD
TECHNOLOGY ADVISOR