Today 360T said it launched a trading solution supporting nondeliverable forwards (NDFs) on Bitcoin and Ethereum. The foreign exchange (FX) firm is a subsidiary of the Deutsche Börse and supports the trading of around €130 billion FX daily. The first crypto transaction involved another subsidiary, Crypto Finance as well as Wintermute.
The solution uses existing FX workflows for over the counter (OTC) trading.
Non-deliverable forwards are popular amongst institutions as they provide indirect exposure to the asset without needing to hold or custody cryptocurrency. For example, when Goldman Sachs first got into crypto derivatives, it was with NDFs.
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