LedgerX to Launch Physical Bitcoin Futures

Additionally, LedgerX plans to make the new product available to retail investors
16 April 2019   438

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.

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   249

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.