Institutional digital assets platform Tassat, previously known as trueDigital, has collaborated with trading software provider AlgoTrader for the introduction of its cryptocurrency derivatives.
The partnership will witness Tassat offer access to AlgoTrader’s institutional customers for the arranged derivatives instruments. Meanwhile, those customers will take advantage of having the option to incorporate the products in their trading techniques, as indicated by an announcement from AlgoTrader on September 12.
The first of these derivatives will be “physically-deliverable, margined bitcoin swaps available for institutional investors, brokers and other eligible contract participants.” While a definite date wasn’t given, Tassat said in a rebranding announcement on September 3 that the launch is “imminent.”
Tassat chief commercial officer Michel Finzi remarked on the new partnership, stating:
“We pick our partners thoughtfully and focus on those who align with our philosophy to serve the institutional crypto marketplace. AlgoTrader has a unique service delivery model, offers clients more control and flexibility and most importantly, has a singular mission to create a high-impact trading experience.”
Tassat, which is based in New York, first announced it would provide bitcoin derivatives to U.S. investors in July, and it’s presently waiting for endorsement from the Commodity Futures Trading Commission before it can move to launch. The company has earlier said it will include instruments for different cryptocurrencies later.
It’s entering an inexorably packed space in the U.S., with ICE’s Bakkt launching its physically delivered bitcoin futures on September 23, and Seed CX also anticipating regulatory endorsement for its bitcoin forwards. In addition, there’s LedgerX which propelled bitcoin derivatives offering in October 2017.
Tassat additionally gives a regulated exchange platform and OTC reference rates for bitcoin and ether. It eminently developed a blockchain payments system for the crypto-friendly Signature Bank, introduced last December.