Bitcoin trading platform LedgerX has seen a sevenfold increase in volume in the six months following its launch of cryptocurrency derivatives.
Chief in service bureaucrat Juthica Chou told CoinDesk that the startup has seen unevenly $7.5 million traded weekly through 700 swaps and options contracts. Since the platform launched its derivatives products, it has unoccupied $130 million notional - connotation the count up come to of assets traded at their mark fee during the time of the transaction.
LedgerX kicked off trading of its keeping pace swaps and options contracts ultimate October, after getting endorsement from the U.S. Commodity Futures Trading costs inJuly of 2017. inside its opening week, the startup proverb 176 contracts traded with a imaginary attach importance to around $1 million, as previously reported.
Since then, common trade measurements has adult an standard of 40 percent month-over-month, Chou said. Currently, 2,000 contracts are of not closed interest, with the longest-dated committed options human being $15,000 and $25,000 thump calls slated to expire in December 2019. In other words, the investors property individuals contracts canister acquire the assets if bitcoin reaches folks levels before subsequently December. However, traders will individual form funds if bitcoin does in fact exceed that level, as previously reported.
Chou alleged the cryptocurrency market's fresh dip did not partake of a considerable contact on swap and options trading, explaining:
LedgerX has 90 individual and institutional traders making up its participant base, she said. Both younger, relatively newer traders and more traditional ones trade on the startup's platform.
While LedgerX only trades bitcoin swaps and options, the company is planning to expand, Chou said. Specifically, the startup "plans to add ethereum support in the near future."
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