What is FIX (Financial Information eXchange Protocol)?

Could you elaborate on the Financial Information eXchange Protocol, or FIX, in a concise yet thorough manner? Specifically, what is its purpose, how does it function, and what role does it play in the broader financial and cryptocurrency ecosystem? I'm curious about its origins, key features, and any notable use cases or benefits it provides to institutions and traders alike. Your explanation should aim to be both informative and accessible to a general audience.