LedgerX Trades $1 Million in Bitcoin Derivatives in First Week

New York-based startup LedgerX has concluded a historic first week of cryptocurrency derivatives trading, reporting $1 million in exchanges.

AccessTimeIconOct 20, 2017 at 10:27 p.m. UTC
Updated Sep 13, 2021 at 7:04 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The first regulated cryptocurrency derivative trades have taken place on a U.S. exchange.

In a statement to the press today, bitcoin trading platform LedgerX confirmed rumors that it has already begun trading cryptocurrency derivatives, an offering it first received approval to begin selling to institutional investors in July.

According to figures provided by the company, LedgerX saw 176 swaps and options contracts traded in its first week, with notional values of more than $1 million.

LedgerX CEO Paul Chou said in a statement:

"This week, a new standard is set for transparency, oversight and counter-party assurance. Institutional investors and traders can now rely on a guaranteed clearing and settlement process when transacting bitcoin contracts."

Notably, while the initial LedgerX trades appear to be exclusively in bitcoin, the details of the license give the company the ability to add other assets that qualify as cryptocurrencies.

The company, based in New York, is licensed as both a swap execution facility (SEF) and a derivatives clearing organization (DCO).

LedgerX is now reportedly exploring working with options trading shops, asset managers, hedge funds, bitcoin miners, family offices and investment banks, as a way to grow its number of customers.

Chou concluded:

"Our regulated, institutional-grade platform enables participants who were sitting on the sidelines, to enter the digital currency market."

Ribbon-cutting image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.