Seed CX еxchange begins testing deliverable bitcoin swaps

by in Cryptocurrency News

Seed CX BTC swaps

Chicago-based cryptocurrency exchange Seed CX has begun the final phase of testing deliverable margin bitcoin swaps, reports The Block.

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According to representatives of Seed SEF, which specializes in swaps of the exchange division, testing will last throughout August. If the results are successful, then after approval by the regulator, a new product will be available in the United States.

“We work closely with the Commodity Futures Trading Commission (CFTC) and hope that we can launch the product publicly over the next three months,” said Edward Woodford, CEO and co-founder of Seed CX.

Woodford emphasized that the company was the first in the United States to test bitcoin swaps, involving the physical delivery of the underlying asset and the possibility of trading with leverage. Other crypto derivatives in the US market involve only cash settlement and full security.

Weekly and monthly contracts will be presented at Seed SEF, which, as the company hopes, will interest institutional clients, hedge funds and mining pools.

Recall a month ago Seed CX received BitLicense from the New York State Financial Services Authority.