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   1483

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.

Wilshire Phoenix to Update BTC ETF Application

It's planned that the exchange traded fund will be provided not only by the crypto, but also with treasury bonds
17 October 2019   77

Wilshire Phoenix and NYSE Arca have amended the application for the launch of Bitcoin ETF.

The fund will be provided not only with the first cryptocurrency, but also with treasury bonds.

The custodian of digital assets will be Coinbase Custody. The company will confirm the availability of bitcoins in providing the fund within five working days from the moment of monthly rebalancing.

To determine the value of the bitcoins held, the fund will use the base rate of the Chicago Mercantile Exchange - CME CF Bitcoin Reference Rate (CMR CF BRR).

Wilshire Phoenix recommended that the US Securities and Exchange Commission (SEC) focus on the spot market for bitcoin, which plays a key role in determining its value.

The SEC has already begun to accept public comments on the updated proposal.

Wilshire Phoenix and NYSE Arca filed an initial application in May. At the end of September, the SEC postponed a decision on it.