“It’s really important to them to have control over how they trade and to have anonymity,” she said. Tusar said the digital-currency market is reminiscent of the early 2000s when the stock market was shifting to electronic trading. More transparency and competition are bringing costs down in the $132 billion cryptocurrency market, and investors are gaining more control. “It reminds me of the time when Nasdaq was transitioning from a dealer market,” Tusar said. “The world had transitioned to an agency model.”

https://www.bloomberg.com/crypto