trueEX, a fintech company based in New York, has entered into an accord with ConsenSys, a blockchain tech company, and True Digital Holdings to make available the Ethereum to institutional players. The three companies have joined hands to develop a benchmark rate for Ethereum. trueEX will also unveil regulated derivative contracts for the digital assets.
TrueEX has got the nod of Commodity Futures Trading Commission to offer designated contract market for the writes and swaps that settle the Bitcoin contracts in USD. The trueEX swap platform will list them as trueDigital.
According to the press release, trueEX is yet to receive the approval of Commodity Futures Trading Commission for the contracts.
The founder of True Digital Holdings (TDH), Mr. Sunil Hirani, trueEX will provide the necessary framework for the involvement of institutional investors in the growing cryptocurrency market.
The commercial partners and institutional investors are looking for a plunge into the liquid and regulated market place that provides exposure as well as a hedge for the digital currencies as well as commodities. So far this has been lacking and that will be provided by trueEX.
The Press release says the alliance between the ConsenSys and TDH as well as the development of a benchmark for the price of digital currency Ethereum will move in tandem along with the creation of necessary infrastructure to facilitate the involvement of institutional investors in the digital assets.
Market Cap of Digital Currencies
Bitcoin occupies the first slot in terms of market cap in digital assets whereas the Ethereum ranks second. The Bitcoin futures contracts for the first time was introduced in the end 2017 by CBOE. CME Group was the second to introduce bitcoin futures contracts after a gap of 2 weeks.
The Prices of Ethereum and Bitcoin is Set to Reach New Highs in 2018
The price of the cryptocurrencies – Ethereum and Bitcoin are expected to triple by the end of 2018 according to a recent survey. The participants in the survey are bullish on the digital currency Ethereum when compared to Bitcoin. The market cap of Ethereum is forecasted to see a surge of 212% when compared to 194% for Bitcoin.
