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UK-based B2C2 launches gold bitcoin derivative product

Thu, 10 Oct 2019, 10:33 am UTC

B2C2, a UK-based Crypto liquidity and OTC provider, has launched a gold derivatives product, which is priced and settled in bitcoin, according to The Block.

Founded in 2015, B2C2 offers exposure to large-cap cryptocurrencies, with flexible trade sizes and settlement. Its subsidiary, B2C2 OTC Ltd., received authorization from the Financial Conduct Authority earlier this year.

The firm told the news portal that the new product will allow institutional clients to trade gold synthetically via B2C2 OTC Ltd. Synthetic trading basically allows traders to go short or long without actually buying or selling the underlying asset.

“Clients trade an ounce of gold (minimum trade size) priced in bitcoin, and the derivative is settled in bitcoin,” Max Boonen, founder and CEO of B2C2, told The Block. “The benefit of trading gold (or bitcoin) in a derivative form (synthetically) is that it’s simpler to trade than the cash underlier for a variety of operational reasons, and typically represents the majority of activity in the product/asset.”

B2C2 said that clients would be able to settle trades in a number of cryptocurrencies in addition to bitcoin. It said:

“We are agnostic as to which of the major tokens our clients choose to use to settle their trades with us, be it Paxos Gold or another. These tokens will give them access to the underlying metal since they correspond to ownership of physical gold in vaults,” Boonen added.

The gold bitcoin derivative is available to “eligible counterparties” and “professional clients” as defined by the FCA, the firm added.

Going forward, B2C2 intends to launch more products, provided it has a “clear edge,” to do so, he said, adding

“We are an electronic market-making firm first and foremost. We expect to continue expanding our offering beyond cryptocurrencies.”

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