New York-based fintech startup trueDigital Holdings is set to launch new Bitcoin derivatives products in the US, its press release states.
The company filed an application with the U.S. Commodity Futures Trading Commission (CFTC) in order to obtain applied for a designated contract market and swap execution licenses.
A new derivatives exchange
If the CFTC green-lights the request, trueDigital will proceed with launching a derivatives exchange where it could list its own products.
The rollout of the upcoming exchange will be spearheaded by the startup’s CEO Thomas Kim.
A trueDigital owned and operated regulated exchange is the natural step in our evolution toward achieving our goals, says Kim
Prior to spearheading the crypto upstart, Kim had a managerial role at Bridgewater, one of the biggest hedge funds.
His decision to leave the world of traditional finance and dive headfirst into crypto was quite surprising.
The crypto rout that took place in 2018 didn’t dampen his enthusiasm, and he claimed that trueDigital’s products would broaden the adoption of digital assets.
Competing with LedgerX
Its only competitor LedgerX successfully launched its first regulated cryptocurrency derivatives for institutional clients back in July 2018.
As reported by CryptoComes, the derivatives exchange will offer physically-delivered Bitcoin futures to retail investors without minimal deposit to retail investors by the end of 2019.
Meanwhile, Bakkt is expected to start testing its Bitcoin futures on July 22.
