Rebranded TrueDigital Partners for 'Imminent' Bitcoin Derivatives Launch

Tassat, formerly trueDigital, has teamed up with AlgoTrader to provide institutional traders access to its soon-to-launch bitcoin swaps contracts.

AccessTimeIconSep 13, 2019 at 1:00 p.m. UTC
Updated Sep 13, 2021 at 11:26 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

Institutional digital assets platform Tassat, formerly known as trueDigital, has teamed up with trading software provider AlgoTrader in the run up to its launch of cryptocurrency derivatives.

The deal will see Tassat provided access to AlgoTrader's institutional clients for the planned derivatives instruments. Meanwhile, those clients will benefit from being able to incorporate the products in their trading strategies, according to an announcement from AlgoTrader on Thursday.

The first of these derivatives will be "physically-deliverable, margined bitcoin swaps available for institutional investors, brokers and other eligible contract participants." While a firm date wasn't provided, Tassat said in a rebranding announcement on Sept. 3 that the launch is "imminent."

Michel Finzi, chief commercial officer at Tassat, commented on the new relationship, saying:

“We pick our partners thoughtfully and focus on those who align with our philosophy to serve the institutional crypto marketplace. AlgoTrader has a unique service delivery model, offers clients more control and flexibility and most importantly, has a singular mission to create a high-impact trading experience.”

New York-based Tassat first revealed it would offer bitcoin derivatives to U.S. investors in July, and it's now waiting for approval from the Commodity Futures Trading Commission before it can move to a launch. The firm has previously said it will add instruments for other cryptocurrencies later.

It's entering an increasingly packed space in the U.S., with ICE's Bakkt launching its physically delivered bitcoin futures on Sept. 23, and Seed CX also awaiting regulator approval for its bitcoin forwards. There's LedgerX, too, which launched a bitcoin derivatives offering in October 2017.

Tassat also provides a regulated exchange platform and OTC reference rates for bitcoin and ether. It notably built a blockchain payments system for the crypto-friendly Signature Bank, launched last December.

New York 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.