First Crypto EFP Transaction to be Concluded

The participants of the transaction say that they realized the first EFP-transaction in the history through the Chicago Mercantile Exchange
25 July 2018   1060

The futures trading platform ED & F Man Capital Markets and the exchange for institutional investors itBit carried out the EFP-transaction for the exchange of bitcoin futures for a physical asset. This is reported by CCN.

The participants of the transaction say that they realized the first EFP-transaction in the history of the crypto-currency industry through the Chicago Mercantile Exchange (CME Group).

Every day we facilitate EFPs for our clients in physical assets such as soybeans, wheat and treasuries. EFPs on CME Bitcoin futures mark an important step forward in the maturity of the regulated derivatives market for digital currencies.

Brooks Dudley

ED&F Man Capital Markets Inc.

CEO itBit Paul Cevadini is convinced that such institutional solutions will help to calm the differences in the crypto-currency market.

Prior to this transaction, the US Commodity Futures Trading Commission (CFTC) only approved bitcoin-futures trades, settlements in which were conducted in a fiat currency. This type of transaction implies that after the expiration of the contract, the investor will receive only the monetary value of bitcoin, and not the cryptocurrency itself.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   167

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.