New York–(work wire) – Genesis Global Capital, LLC, part of Genesis, a pioneer in the digital asset industry and a leading crypto brokerage pioneer, announced today that it has executed the first-ever OTC transaction of a BTIC (Basis of Trading at Index Close) on Bitcoin CME contracts with Akuna Capital, the leading options market. Specialized in the derivatives market industry and cutting edge modeling.
A popular stock product, BTIC is now available for cryptocurrency for the first time. The implementation of this trade illustrates the new ways in which participants and traditional financial markets are adapting to meet the demand for crypto products and services.
“BTIC fills a hedging need for our counterparties who are benchmarked against the benchmark Bitcoin price, and we are proud to be the first company to trade this flagship product,” said Joshua Lim, Head of Derivatives at Genesis. “Genesis is committed to bringing the most innovative products to our business partners as the market matures.”
Tim McCourt, global head of equity index and alternative investment products at CME Group. “This is yet another example of how we are providing innovative solutions to clients who want to learn about CME Bitcoin and Ether futures. BTIC enables market participants to trade the underlying more efficiently while providing a structured marketplace for real-time price discovery and enhancing trading accuracy for institutional participants who They want to improve the holdings between the futures and spot markets.”
Genesis is a liquidity provider for the CME group of bitcoin futures, bitcoin options, micro bitcoin and ether futures. In the second quarter of 2021, Genesis’ counterparty base grew by 15%, including the notable addition of large institutional investors looking to enter the crypto-derivatives market for the first time, according to the Genesis Q2 2021 Market Observations Report. During the second quarter of 2021, Genesis traded $29 billion in spot volume, a 487% year-over-year increase, and $8.5 billion in derivatives volume.
Learn more about emerging trends across the institutional digital asset markets and download the Q2 2021 Market Notes Report.
Trevor Bernard, Head of Digital Liquidity at Akuna Capital added: “As one of the first to trade bitcoin futures in the CME Group, Akuna is excited to implement the first BTIC trading on CME Bitcoin futures with Genesis.” Bitcoin market development to manage risk and express a point of view. ”
Genesys is a premier full-service digital currency brokerage that provides a single point of access to qualified individuals and global institutional investors. Genesis combines unparalleled operational excellence, a seamless user experience, and best-in-class customer service to provide the full suite of services global investors need to manage their digital asset portfolios.
The company offers seasoned market participants an integrated platform for trading, borrowing, lending and custody of digital assets, creating new opportunities for return while increasing the capital efficiency of counterparties.
Genesis is a wholly owned subsidiary of the Digital Currency Group (DCG), one of the largest private investors in blockchain and digital asset companies.
For more information about Genesis, please visit genesistrading.com and continue Tweet embed on Twitter.
About Acuna Capital
Founded in Chicago in 2011 with a focus on the options industry using its own industry-leading technology, Akuna now employs more than 450 employees with offices in Chicago, Sydney, Shanghai and Boston. Akuna has been trading cryptocurrencies since 2017 with spot, futures and options trading teams.
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