StoneX runs the first cash-settled bitcoin exchange
NEW YORK, May 17, 2022 /PRNewswire/ — StoneX Markets LLC (the “Company”), a subsidiary of StoneX Group Inc. (“StoneX”), a leading provider of execution, post-trade settlement, clearing and custody in asset classes and markets around the world, today announced that it has successfully executed and settled its first cash-settled BTC/USD swap. The counterparty to the transaction was one of StoneX’s institutional clients, Liquidity Solutions Global, the Londonsubsidiary of DriveWealth Holdings and liquidity provider for several cryptocurrency sites.
The firm’s Institutional FX division made USD cash-settled crypto swaps available to institutional FX clients earlier this month. This new offering complements the company’s traditional institutional FX products, including more than 40 currency pairs in major emerging market currencies, futures, non-deliverable futures and options.
Eric DonovanGlobal Head of Institutional FX, said: “Like any other asset class, investors need to connect to digital asset markets through a trusted partner who can ensure best execution and meet their needs. compliance and retention. Cash-settled swaps allow our clients to access the market movement of the underlying digital assets without taking physical custody of them. As a result, many regulated institutions are turning to the swaps market as a cost-effective way to access crypto price exposure without the added regulatory burden, cost, and risk traditionally associated with spot crypto ownership.”
StoneX is a long-time trusted provider of execution, post-trade settlement, clearing and custody services to 52,000 global commercial, institutional and payment clients, and 370,000 active retail accounts through its Forex brands. com and City Index. StoneX specializes in providing market access and liquidity across all major asset classes across the globe and is positioned to become a significant player in the digital asset markets. StoneX plans to roll out additional crypto products and services for institutional and retail clients over the next year.
About StoneX Group Inc.
StoneX Group Inc., through its subsidiaries, connects its clients to global markets across all asset classes – providing execution, post-trade settlement, clearing and custody services through of a trusted partner. Clients use its global financial services network to seek out business opportunities, make investments, manage their market risk and improve their performance. A publicly traded company (NASDAQ: SNEX) headquartered in New York CityStoneX Group Inc. and its 3,300 employees serve more than 52,000 global commercial, institutional and payment customers, and 370,000 active retail accounts, from more than 40 offices across five continents.
For more information on StoneX, visit: https://www.stonex.com/
Jay A. Morakis
M Group Strategic Communications (for StoneX Group Inc.)
+1 646 859 5951
SOURCE StoneX Group Inc.