Fintech firm LMAX Group has partnered with Swiss financial services group SIX to launch a crypto futures product.
Fintech firm LMAX Group has partnered with Swiss financial services group SIX to launch a crypto futures product, adding to an industry-wide push into derivatives.
According to a statement today, LMAX's cash-settled crypto-asset futures product is set to launch in the third quarter of 2022 depending on regulatory approval and will include USD-settled BTC and ETH futures. While it will initially be traded 23 hours a day, five days a week, the company plans to extend this to a 24/7 rollout at an undisclosed date.
"The crypto futures market is three times bigger than spot and by offering access to deep institutional liquidity, we are providing a significant market entry opportunity as crypto and blockchain finance evolves," David Mercer, CEO of London-based LMAX, said in the statement."This pioneering solution will close the gap, enabling round-the-clock crypto futures trading, seven days a week, meeting the needs of a rapidly growing number of institutional participants.
The launch follows several other key players in the crypto sector making moves into derivative markets. Earlier this week, Coinbase
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