‘Smart Order Router’ patent awarded to crypto trading firm CoinRoutes
David and Ian Weisberger’s invention allows “clients to hold onto their private keys to their wallets and accounts, while simultaneously executing orders across multiple exchanges,” according to the patent application.
According to the patent document, “clients can execute orders across multiple exchanges at the same time while maintaining control over their private and exchange keys,” according to the invention. In an interview, David Weisberger told CoinDesk the system is intended to be a “crypto-native” system for a digital asset landscape where cryptocurrencies can be traded against a multitude of other currencies and tokens at the same time.
In the wake of the current crypto winter, the business of providing digital-asset trading technologies for big investors could become more competitive.
Andreesen Horowitz (a16z), PayPal, Fidelity and Castle Island Ventures invested $105 million in Talos, a crypto trading technology provider, in 2022. Trading-tech companies include Elwood Technologies, Omniex from Gemini and Architect, a startup led by former FTX US President Brett Harrison.
Using CoinRoutes, clients have their own servers, but reams of historical crypto trade data are stored on regional servers, Weisberger explained. The cost of storing the data on their own servers can reach $25,000 in some cases, Weisberger said. Instead, they can access the data from regional servers for a tenth of the cost.