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Tassat moves forward with crypto derivatives launch plan, acquires SEF registration with CFTC

Fri, 08 Nov 2019, 05:47 am UTC

Tassat Derivatives has acquired swap execution facility (SEF) registration with the U.S. Commodity Futures Trading Commission (CFTC).

In a press release dated November 07, the regulator said that it has approved the transfer of the trueEX LLC swap execution facility (SEF) registration to Tassat Derivatives on November 06. The CFTC granted the SEF registration to TrueEx back in January 2016.

“trueEX and Tassat met the requirement for transferring a SEF registration by demonstrating that Tassat will be in compliance with provisions of the Commodity Exchange Act and CFTC regulations applicable to SEFs after the registration is transferred. There are currently 19 registered SEFs, including Tassat,” the announcement read.

Formerly trueDigital Holdings, New York-based Tassat provides innovative solutions to the financial and corporate markets utilizing blockchain-based technologies to enable frictionless asset transfer and settlement.

The company previously announced that it was seeking Designated Contract Market (DCM) and SEF registrations to launch a fully-regulated cryptocurrency derivatives exchange. It said that exchange would list Bitcoin physically deliverable swaps and other derivative instruments.

“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,” Tassat CEO Thomas Kim said at the time.

With its plan to offer physically-settled bitcoin derivatives products to U.S. customers, Tassat will be competing with LedgerX, Bakkt, Seed CX and ErisX, CoinDesk reported.

In late 2018,Tassat launched a blockchain-based digital payments platform, called Signet, designed to enable real-time payments for commercial and asset management clients. More recently, the fintech company partnered with AlgoTrader to provide institutional clients access to its soon-to-be-launched cryptocurrency derivatives.

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