The institutional interest in crypto is increasing as we speak – but the situation is the same among the Bitcoin derivatives market. As the latest cryptocurrency news show, another US company has plans to offer Bitcoin for US investors.
As they said in a press release published on Friday, trueDigital Holdings wants to offer BTC for US investors. The company noted that they already “reached an agreement in principle” to acquire designated contract market (DCM) and swaps execution facility (SEF) registration with the US Commodity Futures Trading Commission (CFTC) from a firm called trueEX.
The deal is pending approval from the CFTC as the firm noted. If the bid is successful, the main aim will be launching a “fully regulated” cryptocurrency derivatives product. As a reminder, trueDigital is another US company with plans for Bitcoin swaps. The firm said that these “have been self-certified with the CFTC.”
Moving forward, the company plans to add additional crypto derivatives. As CEO Thomas Kim noted:
“A trueDigital owned and operated regulated exchange is the natural step in our evolution toward achieving our goals. Adding the exchange to our ecosystem delivers a complete end-to-end offering, currently unavailable today, that encompasses tokenization, payments, market data and settlement for the benefit of our clients and partners.”
With this move, trueDigital would become one of the very few entities and another US company offering regulated crypto derivatives in the US. If this deal goes through, the main rival they would face would be LedgerFX, which launched a Bitcoin derivatives product in October 2017.
TrueDigital has previously launched an OTC reference rate for Bitcoin and Ether – something that went viral on many best cryptocurrency news sites. Aside from this, the company has also teamed up with Signature Bank to launch a blockchain based digital payments platform. That effort received approval from the New York State Department of Financial Services to offer services within the state last December.
Bitcoin derivatives are very popular on the market – and their popularity will likely increase if the price of the dominant cryptocurrency goes up. Seeing that BTC was part of Trump’s latest tweetstorm, the free publicity is now here – and the price of Bitcoin is apparently setting a positive traction
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