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Crypto’s Path to Wall Street Could Get Easier With New Plumbing
The FIX Protocol has added support for the Digital Token Identifier (DTI) to simplify and standardize communication for trading digital assets.
Updated Apr 25, 2023, 1:49 a.m. Published Apr 24, 2023, 6:30 a.m.
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A key piece of plumbing in conventional markets is getting enhanced in a way that could make it easier for stalwarts of traditional finance (TradFi) to trade crypto.
The Financial Information eXchange Protocol (FIX) – a common language that modern trading systems (investors’ machines, exchange computers and the like) use to speak with each other – has added greater support for cryptocurrencies and other digital assets. It’s done so by adopting the Digital Token Identifier (DTI) ISO standard, according to a Monday press release.
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Stocks, bonds and other older financial instruments around the globe already use various standardized ID codes – a way to make it simpler to find and trade them and one of the trappings Wall Street types expect when navigating markets. So the emergence of DTI is a way to make crypto more palatable for TradFi. Meanwhile, FIX is what conveys trades throughout TradFi.
“Adding the DTI standard to the FIX Protocol was an easy decision as the DTI extends the existing functionality to the world of digital assets, which helps the market evolve to work with this asset class,” Jim Kaye, executive director at FIX, said in the press release. “We can see many benefits of adding the DTI, including making it easier for the industry to audit their transactions and increase transparency, thereby bringing more efficiencies to the market.”
The press release noted that DTI can be used by regulators to monitor digital trades for anti-money laundering and monitoring risk in trading, too.
Over 1,300 DTIs have been issued already, according to the press release. This includes private ledgers and tokenized assets.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
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