Capital markets News

Deutsche Börse FX arm 360T launches crypto derivatives offering with Wintermute

360T crypto

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.

“By launching our crypto offering with non-deliverable derivatives products, we are allowing our diverse, global client base to engage with the crypto market without the need to build or invest in Distributed Ledger Technology (DLT) infrastructure,” said Ralph Achkar, Head of Digital Currency Strategy at 360T. “Looking ahead, we will continue to work with our industry partners to expand 360 T’s crypto offering in line with their needs.” 

The Deutsche Börse has been prolific across both cryptocurrency and digital securities. It bought Crypto Finance for $100m in 2021. Now it’s readying to launch of a regulated cryptocurrency exchange, the Deutsche Börse Digital Exchange (DBDX). It also has a joint venture with Commerzbank, 360x, for tokenized art, music and real estate.

On the traditional side, it backed HQLAᵡ from the early days. HQLAᵡ enables banks to move collateral intraday rather than waiting for two day settlement. Additionally, it launched D7, a tokenization post-trade solution. Initially, D7 issued securities in a centralized depository using smart contracts for the workflow. By early November 2023 it had issued 4,000 securities worth more than €3 billion. It soon plans to start issuing securities on a decentralized network.

And finally, last year it acquired blockchain-based fund distribution platform  FundsDLT.