• Sun, 25 Aug 2019, 12:14 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Seed CX’s subsidiary starts user acceptance testing of physically-settled bitcoin swaps

Wed, 14 Aug 2019, 04:40 am UTC

Seed SEF, a subsidiary of cryptocurrency exchange Seed CX, has started user acceptance testing (UAT) of its physically-settled bitcoin derivatives.

Seed SEF was licensed as Swap Execution Facility (SEF) by the Commodity Futures Trading Commission in 2016. It plans to offer a market for CFTC-regulated digital asset derivatives.

In a press release dated August 13, Seed SEF said that it has opened its UAT environment to customers to begin trading on its matching platform.

In addition to being physically-settled, the bitcoin swap to be listed by Seed SEF will also be margined, allowing market participants to enter into a leveraged position to buy or sell bitcoin for physical delivery at a later date. The company will use a Value-at-Risk based margin methodology to calibrate initial margin requirements for the product.

“We’re very excited to have begun user testing of our physically-settled Bitcoin derivative product,” said Brian Liston, Seed CX co-founder and President. “We’re at the final step. With the successful completion of testing and regulatory review, we will be able to launch a much needed margined, physically-settled digital asset derivative to U.S. customers.”

Seed SEF intends to incrementally list a combination of weekly and monthly contracts so that there will be four upcoming weekly contracts at any point in time – four upcoming weekly contracts, three upcoming serial monthly contracts, and two upcoming quarterly monthly contracts. Weekly contracts will expire on the Friday of each week, while monthly contracts, including the quarterly monthly contracts, will expire on the third Friday of the month to which the contract relates.

The delivery of Seed SEF’s derivative products will take place through its affiliate, Zero Hash, which was recently granted a virtual currency license by the New York Department of Financial Services.

Meanwhile, Bakkt, a subsidiary of New York Stock Exchange’s (NYSE) parent company Intercontinental Exchange (ICE), also started UAT for bitcoin daily and monthly future contracts last month.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,161.10 (-2.33%)
  • Ethereum (ETH) $190.97 (-1.59%)
  • XRP (XRP) $0.272000 (-1.42%)
  • Bitcoin Cash (BCH) $307.06 (-2.73%)
  • Litecoin (LTC) $73.51 (-2.32%)
  • Bitcoin (BTC) $10,161.10 (-2.33%)
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:42
Sierra Leone launches blockchain-based National Digital Identity Platform
10:43
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
09:52
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
09:16
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
08:32
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
07:33
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft