LedgerX unveiled their new partnership with Brave New Coin on Mar. 3. The latter would help LedgerX’s digital currency perpetual products.
The digital currency futures and options exchange, LedgerX, announced today that it would pursue digital currency perpetual products. In this endeavor, it will partner with the digital asset data infrastructure company Brave New Coin.
LedgerX Yet To Get CFTC approval
Brave New Coin (BNC) will provide LedgerX with its high-frequency bitcoin (BTC), and ether (ETH) price feeds for the perpetual products. LedgerX is yet to submit these feeds to the Commodity Futures Trading Commission (CFTC) for review and approval.
It was the first CFTC regulated cryptocurrency derivatives exchange, although there seemed to be confusion around this at the time. It is backed by several large corporates. The likes of Digital Finance Group, Lightspeed Venture Partners, Miami International Holdings, Google Ventures, and SV Angel.
LedgerX recently announced that it had selected Lukka and IHS Markit to create and deliver Forms 1099-B to their trading customers. The rising importance of tax reporting drove this move as the cryptocurrency space matures further.
Brave New Coin Extends Its Reach
Since the launch of LedgerX in 2017, it has grown to become one of the most prominent Bitcoin Options marketplaces there is. It has cleared over 10 million options and swap contracts to date.
Although Brave New Coin only launched early last year, its cryptocurrency index infrastructure has gone on to generate high demand from large institutions. Their list of clients includes the Toronto Futures Options and Swaps Exchange (tFOSE) and also the BTSE cryptocurrency exchange.
The BNC also provides data and index solutions to various other players in the market. This list includes NASDAQ, Dow Jones Factiva, Refinitiv, and even Amazon Alexa.
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