FX Expert 360T Facilitates First-Ever Crypto NDF Trade

The Frankfurt-based
financial technology provider specializing in OTC and FX instruments 360T has
launched a crypto non-deliverable forwards (NDFs). The company facilitated the
first trade on this new product between Wintermute Asia and Crypto Finance.

Initially,
360T is supporting crypto NDFs on Bitcoin and Ethereum, but wants to add
additional assets in the future. According to the company, these products
utilize existing OTC foreign exchange workflows to help streamline adoption by
360T’s global client base.

Crypto NDFs
allow clients to gain exposure to the underlying cryptocurrencies without
needing to handle the assets directly. The products also enable firms to hedge
existing crypto exposures through a regulated platform.

“We are
very pleased to have supported the first bitcoin NDF trade on our platform,
offering a proven, reliable and safe platform to facilitate Crypto NDF products
alongside OTC and listed FX, Short-Term Money Market products, and
Commodities,” said Sebastian Hofmann-Werther, the Head of EMEA at 360T.

The
counterparties further expressed enthusiasm about being pioneers in trading these
new products. Wintermute’s CEO, Evgeny Gaevoy, said that NDFs offer a “safe gateway
to crypto” for traditional financial institutions seeking exposure. The CEO of Crypto
Finance, Stijn Vander Straeten, emphasized the role of regulated platforms, encouraging greater institutional crypto participation.

We’re thrilled to pioneer the first #Bitcoin NDF trade on 360T!

The trade was completed between our derivatives trading arm, Wintermute Asia, and @CryptoFinanceAG.

This milestone not only advances our offerings but also marks our commitment to meeting institutional demand. ↓ pic.twitter.com/rYg1U6jZEt

— Wintermute (@wintermute_t) February 21, 2024

“We
strongly believe that the crypto space has attracted significant attention from
institutional investors, and the emergence of regulated trading platforms will
catalyse increased engagement from these entities,” Straeten added.

360T
provides technology for trading over-the-counter financial instruments, foreign
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term, interest rate derivatives and more. The company is the global FX unit
of Deutsche Börse Group. According to the most recent data, it reported an average
daily volume increase from $27.7 billion to $29 billion in January, with a
total trading volume of $576 billion compared to the previous month’s figures.