trueDigital, a provider of financial technologies and products for traditional and digital asset markets, today announce dit has reached an agreement in principle to acquire, subject to CFTC approval, the Designated Contract Market (DCM) and Swaps Execution Facility (SEF) registrations held by trueEX.
trueDigital plans to launch a U.S. regulated cryptocurrency derivatives exchange with these CFTC registrations. The proposed exchange will list trueDigital’s bitcoin physically deliverable swaps, which have been self-certified with the CFTC. trueDigital plans to list additional derivative instruments over time.
“This acquisition reflects our goal to be the trusted choice for any institution that wants to trade novel digital asset derivative products through sophisticated infrastructure delivering the same regulatory framework that market participants require of any other asset class. 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.”
– Thomas Kim, trueDigital CEO
In addition to building leveraged physically-deliverable bitcoin derivatives for institutional investors, trueDigital has developed the first OTC reference rate for bitcoin (BTC) and ether (ETH) comprised of bid-offer data from 12 institutional market makers.
Earlier this year, trueDigital also built the first blockchain-powered payments platforms approved by the NYDFS for a New York-based commercial bank.
