Here comes the next wave of cryptocurrency (bitcoin) trading. What will surely be the first of many more entrants into the derivatives trading of bitcoin, Ledger Holdings just raised $11.4M to set up a regulated exchange and clearing operation for bitcoin and digital currencies. LedgerX is waiting for CFTC approval to be the first regulated exchange for bitcoin options. Congratulations and good luck. Bitcoin needs a hedging component.
(Bill Taylor/CEO)
"Ledger Holdings, the New York-based parent company of bitcoin options exchange LedgerX, said on Monday it closed $11.4 million in funding led by Miami International Holdings Inc and China's Huiyin Blockchain Venture Investments.
The funding supports LedgerX's plan to operate a regulated exchange and clearing house for bitcoin and other digital currencies.
LedgerX is awaiting regulatory approval from the Commodity Futures Trading Commission to operate the first U.S. regulated exchange and clearing house for bitcoin options. On approval, participating institutions can use the LedgerX platform to obtain and hedge bitcoin using exchange-traded and centrally cleared options contracts.
"In the short term, these investments will further our application to become a regulated exchange and clearing house for bitcoin options," Paul Chou, chief executive officer of LedgerX LLC, said in a statement.
"In the long term, these strategic investors will help us enter additional marketplaces and territories," he added. Chou sits on the CFTC's Technology Advisory Committee.
Miami International Holdings is the parent company of Miami International Securities Exchange LLC and MIAX PEARL LLC, two fully electronic options trading exchanges.
MIAX Options lists and trades options on more than 2,600 multi-listed classes. Huiyin Blockchain Venture is a subsidiary of investment conglomerate Huiyin Group…"
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