LedgerX Trades $1 Million in Bitcoin Derivatives in First Week
New York-based startup LedgerX has concluded a historic first week of cryptocurrency derivatives trading, reporting $1 million in exchanges.
Oct 20, 2017 at 10:27 p.m. UTC
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The first regulated cryptocurrency derivative trades have taken place on a U.S. exchange.
In a statement to the press today, bitcoin trading platform LedgerX confirmed rumors that it has already begun trading cryptocurrency derivatives, an offering it first received approval to begin selling to institutional investors in July.
According to figures provided by the company, LedgerX saw 176 swaps and options contracts traded in its first week, with notional values of more than $1 million.
LedgerX CEO Paul Chou said in a statement:
Notably, while the initial LedgerX trades appear to be exclusively in bitcoin, the details of the license give the company the ability to add other assets that qualify as cryptocurrencies.
The company, based in New York, is licensed as both a swap execution facility (SEF) and a derivatives clearing organization (DCO).
LedgerX is now reportedly exploring working with options trading shops, asset managers, hedge funds, bitcoin miners, family offices and investment banks, as a way to grow its number of customers.
Chou concluded:
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