GFO-X has debuted its Financial Conduct Authority (FCA)-regulated Crypto derivatives platform, Britain’s first such trade site for digital assets.
The new platform performed its first trade on Tuesday between financial institutions Virtu Financial and IMC and was cleared by DigitalassetClear, GFO-X announced on Tuesday.
DigitalassetClear, created by the London Stock Exchange Group (LSEG) subsidiary LCH, is a service for cash-bitcoin index futures and option contracts.
GFO-X is also supported by larger banks ABN Amro, Nomura and Standard Chartered, which delivers clearing for transactions on the platform.
Britain’s FCA lifted its ban from 2020 on Crypto Derivater Instruments to Institutional Investors in March 2024. This was followed by London Stock Exchange, who said it would accept an application for cryptocurrency exchange-trade notes (ETNs).
The debut of GFO-X demonstrates the ongoing development of the regulated crypto trade ecosystem in the UK Crypto derivat game also gets traction globally, as Galaxy secured UK approval for a license to expand its derivatives trading last month and coinbase bought Deribit in a $ 2.9 billion agreement earlier this month.
Read more: In $ 2.9B Deal, Coinbase accepts to buy Deribit to expand on the US Crypto Options Market
