Toronto Futures Options Swaps Exchange or tFOSE has partnered with digital asset data company New Coin or BNC to power its crypto options trading services. BNC is all set to help the new Canadian exchange to provide cash-settled crypto services to its clients worldwide. BNC will develop, calculate, and implement a wide range of cryptocurrencies indices for options trading on the tFOSE platform. The President and the CEO of tFOSE, James Beattie, announced the partnership and said that BNC was picked only after thorough research into the different market data sellers in the market. It met all their needs by using a distinctive approach to index designing, the methodology, and also the governance that will allow them to meet their specific and the exact needs of its institutional and retail investors.
Even though the exchange is hopeful to start its operations in 2021, it is yet to get all the approvals for introducing the contracts. The company is working towards getting all the necessary approvals at the earliest so that they can start offering their services within a few months. The firm expects the indices production to start by the end of 2020, and at first, it will launch the tFOSE BNC Litecoin Index. Currently, BNC offers index and data services to Dow Jones Factiva, Amazon Alexa, and others. This is the first time that Canada has made any attempt to bring institutional-grade cryptocurrency product for the users in Canada and globally. It has long been delayed, but it now understands the demand for such a product and wanted to regulate the entire system for the benefit of the users. It will also be highly regulated, allowing the traders to trade in cryptocurrency securely and legally. Traders will have the opportunity to diversify their investments and exposure and lower their risk by investing in emerging asset classes without the need to directly hold the underlying cryptocurrency since these are cash-settled products.
The CEO and the Founder of Brave New Coin, Fran Strajnar, announced the decision and said that the crypto ecosystem is growing at a quick rate, and there is a greater demand for regulated investment products. Its partnership with tFOSE will allow them to grow as a market leader in market data, indices, and the standards for crypto assets. He further added that his company was dedicated to creating new products that will help bring institutional-grade services to this asset class.
About Brave New Coin
Brave New Coin or BNC was founded in 2014 and offers data, analysis, and research services to a number of market participants around the world with a focus on the blockchain and crypto-assets industry. The experience and their expertise have made them a global leader in the industry.
tFOSE is a Canadian owned Derivatives Exchange and Clearinghouse. The company is known for its innovative designed products to produce demanded products for its users in the market. The company has a highly experienced and professional team with financial and securities exchange background.