LedgerX to Launch Physical Bitcoin Futures

Additionally, LedgerX plans to make the new product available to retail investors
16 April 2019   206

Cryptocurrency derivatives provider LedgerX plans to become the first company in the United States to launch Bitcoin futures deliveries. It is reported by CoinDesk.

April 15, the company announced its intention to obtain a CFTC license, which will make LedgerX an authorized derivatives market (Designated Contract Markets). This, in particular, will provide an opportunity to launch deliverable futures. The latter differ from the calculated ones in that they are based on a physical cryptocurrency, and not its dollar equivalent.

In addition, LedgerX plans to make the new product available to retail investors.

We’ll be able to service customers of any size, we won’t be restricted to [institutional clients].

Juthica Chou

Chief risk and operating officer, LedgerX

After receiving approval from the regulator, LedgerX retail customers will be able to trade options and futures on the new platform called Omni. The latter is based on the existing infrastructure of the company, which includes trading and custodial services.

LedgerX applied for a CFTC license in November 2018. According to Chou, “constructive dialogue” has been ongoing since the regulator. For the time being, the company finds it difficult to designate approximate dates for launching new products.

However, according to Chou, there is every chance that the CFTC will approve the application LedgerX before its competitors in the face of Bakkt, Seed CX and supported by TD Ameritrade broker startup ErisX.

This is a natural evolution and it stems from the fact that we’ve been operating a physically settled market for more than a year and a half so it’s been a natural [extension]. We’re always excited to be the first.

Juthica Chou

Chief risk and operating officer, LedgerX

In February, LedgerX introduced a binary option for bitcoin halving.

Bitcoin SV Blockchain to Undergo Reorganization

This happened due to the fact that some blocks were rejected by Bitcoin SV blockchain
19 April 2019   104

Several blocks were rejected by the Bitcoin SV network after the addition, which caused the re-organization in the blockchain's history.

Almost each time someone is trying to produce a very large block on the BSV chain, there’s a reorg. Just an hour ago our Blockchair engine has witnessed a 3-block reorg (I think that's a record)! Blocks #578640–578642 got orphaned by a longer chain because they were too big

Nikita Zhavoronkov

Lead developer, Blockchair

The large blocks, about which Zhavoronkov writes, are no longer displayed by the blockchain browser, since they are not part of the main chain in which they were located until a certain moment, until they were replaced by another chain, which eventually became dominant.

This is basically exactly the problem the BU gigabock testnet identified. At sizes > 100mb the mempools were so out of sync that blocks were basically transmitted as full blocks.

BSV had ONE 128mb block and it caused a six block reorg. On the BU testnet sustained 128mb blocks caused a total breakdown of the chain where there were so many reorgs that every node had a different view of the state of the blockchain.

Chris Pacia

Developer, Bitcoin

Thus, Chris assumes that the problem is caused not by the malicious actions of the network members, but by its functional bug. 

This update is noticeable in the background of recent Bitcoin SV delisting campaign, which was started by the number of big exchanges as a reply to lawsuit by Craig Wright, BSV supporter, against anonymous critic.