July 25, 2021

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Bitcoin & Ethereum Blockchain News

Cryptexcore.com Gets CFTC Approval to Launch Bitcoin Futures

Cryptexcore.com

Cryptexcore.com

The U.S. Commodity Futures Trading Commission (CFTC) has granted Cryptexcore Exchange a license to operate as a futures exchange. The company can now offer futures and options contracts on BTC.

Previously, CME, CBOE, Bakkt, ErisX, and LedgerX were licensed to operate as a futures exchange (DCM). At the same time, on the Chicago Board Options Exchange (CBOE), the last bitcoin futures contract expired on December 19, 2020, after which trading in cryptocurrency derivatives ceased.

The CFTC has now issued a license to operate as a futures exchange, Cryptexcore Exchange, which will apparently focus exclusively on physically delivered futures – meaning that customers receive BTC at the end of the contract, rather than the equivalent amounts in fiat currency.

The CFTC conducted a technical evaluation of the exchange’s operations prior to granting approval, in accordance with the order. Cryptexcore said it was the “first and only startup exchange” to receive approval to offer both margin and physically delivered BTC futures and options contracts in the US.

“The license will allow Cryptexcore to participate in the generational change in the financial markets. First, the new generation is beginning to understand trade, technology, and supply. Second, new innovative unregulated derivatives are booming, with daily volumes exceeding $45 billion, “

the press release said.

Cryptexcore.com hopes to find customers for “new growth areas” and claims that existing traditional firms have faced difficulties in reaching this audience. Cryptexcore is now setting up user acceptance testing, which is due to start on June 27, and has opened customer registration.

In a statement, Cryptexcore founder and CEO Luke Hoersten said the company will start with quarterly futures, micro futures and options. According to the SEC, Cryptexcore raised $7.5 million from 12 investors last December.