The American cryptocurrency trading platform – Seed CX – reportedly launched testing of the physically settled marginal bitcoin swaps.
The exchange from Chicago stated that the swap unit Seed SEF would keep running tests till the end of August. After that, the new product can become available in the US market in case of positive results and green light from the regulator.
As CEO and co-founder Edward Woodford commented, the platform takes these actions in close cooperation with the US Commodity Futures Trading Commission. Moreover, he expressed the hope that people might become able to enjoy swaps in the next three months.
It should be mentioned that Seed CX will be the first company in the country that tries physically-settled bitcoin swaps featuring leverage trading. For reference, other crypto derivatives in the USA comes only with a cash settlement and complete backing.
According to the available information, company's swaps unit Seed SEF will offer weekly and monthly contracts which are believed to enjoy demand from hedge funds, institutional customers and mining pools.
In mid-July, Seed CX successfully got a license to run crypto business in New York.