trueDigital Expects to Acquire DCM and SEF Registrations from trueEX Executing on Plans to Launch Its Cryptocurrency Derivatives Exchange
July 12, 2019 | New York
trueDigital Holdings LLC, a global provider of financial technologies and products for traditional and digital asset markets, 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 LLC.
trueDigital plans to launch a fully-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 also plans to list additional derivative instruments over time. The acquisition builds on trueDigital’s strategy to build and deliver institutional-grade digital asset products.
Thomas Kim, trueDigital CEO said: “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.”
In addition to building the first leveraged physically-deliverable Bitcoin derivatives for institutional investors, trueDigital has developed the first OTC reference rate for Bitcoin and Ether comprised of bid-offer data from 12 institutional market makers. trueDigital also built the first blockchain-powered payments platforms approved by the NYDFS for a New York based commercial bank.
About trueDigital Holdings LLC
trueDigital Holdings, LLC, a New York-based global financial technology company, provides innovative solutions to financial markets utilizing blockchain-based technologies to enable frictionless asset transfer and settlement. trueDigital has also created the first-of-its-kind margined deliverable swap contracts on Bitcoin as well as the first institutional OTC-based digital asset reference rates.