The trueDigital Holdings, an institutional digital assets platform has announced plans to offer bitcoin derivatives for U.S. investors.
According to a press release on Friday, the company said it has reached an “agreement in principle” with a firm called trueEX, which will allow them to acquire designated contract market (DCM) and swaps execution facility (SEF) registrations with the U.S. Commodity Futures Trading Commission (CFTC). Though the deal is pending as approval has not been granted from the CFTC, the firm stated.
The aim is to launch a “fully-regulated” cryptocurrency derivatives exchange which is aimed at listing trueDigital’s bitcoin ,physically deliverable swaps, “have also been self-certified with the CFTC.” Stated the firm .
The company plans to add additional crypto derivatives as the go further.
TrueDigital CEO Thomas Kim said:
“Adding the exchange to our ecosystem delivers a complete end-to-end offering, currently unavailable today as trueDigital owned and operated regulated exchange is the natural step in our evolution toward achieving our goals which is part of tokenization, market data, payments and settlement for the benefit of our clients and partners.”
If the deal pulls through with these moves, trueDigital would then become one of very few entities offering regulated crypto derivatives in the U.S. while its main rival would be LedgerX, which launched a bitcoin derivative offering in October 2017.
An OTC reference rate for bitcoin and ether was previously launched by TrueDigital.
It has also came together with Signature Bank to launch a blockchain-based digital payments platform.
It was in last December that their efforts received approval from the New York State Department of Financial Services to offer services within the state.
Credit: Daniel PalmerJOIN OUR COMMUNITY