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) $9,293.61 (+0.45%)
  • Ethereum (ETH) $242.02 (+0.90%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $237.08 (-0.04%)
  • Bitcoin SV (BSV) $186.17 (+1.47%)
  • Bitcoin (BTC) $9,293.61 (+0.45%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft