Genesis Capital has rolled out a new feature called end-of-day pricing that will allow investors to trade BTC futures based on their closing prices. The cryptocurrency brokerage firm disclosed the completion of this one-of-a-kind over-the-counter trade feature based on BTC futures contracts approved by the Chicago Mercantile Exchange. The new product was launched in collaboration with Akuna Capital, a derivative market, on September 26.
The leading company in virtual currency brokerage said that investors will now be able to initiate Basis Trade at Index Close (BTIC). This new product further shows how innovative Genesis is and the drive it has to make financial products and real-time prices accessible to investors.
Demand Responsible for the Product Launch
The huge demand for crypto services fueled the launch of BTIC. According to Head of Derivatives Joshua Lim, Genesis is prepared to provide the best products for customers and trading partners as the market grows. BTIC solves the problem that was created by BTC’s benchmarked Reference Rate.
CME Group Executive Tim McCourt was excited by the BTIC product offering and shared his pleasure with supporting BTIC while also providing liquidity. According to the CME Head, the recent product offering shows that they have investors’ needs at heart, and by providing a solution such as over-the-counter BTIC, clients can get exposed to the BTC and ETH Futures. With BTIC, investors can trade the basis more effectively while having access to real-time prices for precise trading.
Akuna Capital also expressed satisfaction with the collaboration. Akuna Executive Trevor Bernard said the company embraces another opportunity, such as the BTIC to aid in the development of the BTC market to minimize trading risks.
Genesis is an arm of Digital Currency Group and a cryptocurrency liquidity provider for Chicago Mercantile Exchange Group for BTC and Ethereum futures. It allows access to qualified entities and investors into the crypto derivatives market. The firm provides unparalleled services to traders, a complete suite of services to investors who need an experienced hand to manage their digital portfolios, and a world-class user experience. Participants can trade, borrow, lend, and have custody of virtual assets on the platform.
Around May, the CME group introduced a new contract, known as a micro Bitcoin contract that was one-tenth of one BTC. The derivative product will offer a cost-efficient way for institutions and participants to gain exposure to diverse trading methods in a regulated vicinity.
In Q2, Genesis brokerage firm’s base grew by 15% due to the entry of prominent institutional investors into the crypto market. Genesis has a trade spot volume of $29B, a 487% YoY.