First US Physical Bitcoin Futures LedgerX 🕙🔥
Cryptocurrency derivatives provider LedgerX officially announced, July 31, that last week it launched the Omni platform, where institutional and retail investors can trade in options, futures and bitcoin swaps with physical delivery 🕙
This is the first case of crypto-currency financial products trading in the US when the participants in the transaction receive the “real” bitcoins, and not their dollar equivalent, as has been the case at the Chicago CME since December 2017 💰
In addition, investors can also purchase contracts using cryptocurrency, which saves customers from having to be tied to the banking system and trade only during the bank’s operating time 🏦
LedgerX CEO Paul Chow said in this connection: “As a digital commodity, bitcoins are traded 24/7/365, and our customers expect it from us, so if you trade on Sunday evening, you no longer need the banking system”.
An important aspect of the project is also the fact that not only large institutions with large financial opportunities, but also individual citizens working from their home application are allowed to trade. To do this, they just have to go through the KYC procedure (“know your client”).
The service is currently open to residents of the United States and Singapore, subject to a minimum deposit of $ 10,000 or 1 BTC.
John Todaro, director of research at TradeBlock, also noted that physically settled contracts allow traders to hedge their bets more adequately, which can be beneficial for non-speculative institutions.
Although cash contracts are considered less costly, they could potentially be more susceptible to manipulation depending on the formula and underlying stock exchanges or indices used for settlements after the expiration, he added.
Another cryptocurrency company, ErisX, also received similar CFTC authorizations, but has not yet announced the launch dates of its product.
At the same time, Bakkt has not yet received a CFTC license, although the crypto platform has already tested its bitcoin futures.В записи нет меток.