FX Expert 360T Facilitates First-Ever Crypto NDF Trade

by Damian Chmiel
  • Crypto NDFs will allow direct exposure to digital assets without the need to handle them.
  • The first crypto NDF trade was executed between Wintermute and Crypto Finance.
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The Frankfurt-based financial technology provider specializing in OTC and FX instruments 360T has launched a crypto non-deliverable forwards (NDFs). The company facilitated the first trade on this new product between Wintermute Asia and Crypto Finance.

360T Launches Crypto Non-Deliverable Forwards, Facilitates First Trade

Initially, 360T is supporting crypto NDFs on Bitcoin and Ethereum, but wants to add additional assets in the future. According to the company, these products utilize existing OTC foreign exchange workflows to help streamline adoption by 360T's global client base.

Crypto NDFs allow clients to gain exposure to the underlying cryptocurrencies without needing to handle the assets directly. The products also enable firms to hedge existing crypto exposures through a regulated platform.

“We are very pleased to have supported the first bitcoin NDF trade on our platform, offering a proven, reliable and safe platform to facilitate Crypto NDF products alongside OTC and listed FX, Short-Term Money Market products, and Commodities,” said Sebastian Hofmann-Werther, the Head of EMEA at 360T.

The counterparties further expressed enthusiasm about being pioneers in trading these new products. Wintermute's CEO, Evgeny Gaevoy, said that NDFs offer a "safe gateway to crypto" for traditional financial institutions seeking exposure. The CEO of Crypto Finance, Stijn Vander Straeten, emphasized the role of regulated platforms, encouraging greater institutional crypto participation.

“We strongly believe that the crypto space has attracted significant attention from institutional investors, and the emergence of regulated trading platforms will catalyse increased engagement from these entities,” Straeten added.

360T provides technology for trading over-the-counter financial instruments, foreign exchange , interest rate derivatives and more. The company is the global FX unit of Deutsche Börse Group. According to the most recent data, it reported an average daily volume increase from $27.7 billion to $29 billion in January, with a total trading volume of $576 billion compared to the previous month's figures.

Expanding 360T Group's Trading Horizons

In a notable development in December 2023, 360T Group's new UK-based Multilateral Trading Facility (MTF) received an interim regulatory exemption from the Ontario Securities Commission (OSC). This exemption enables Canadian FX market participants to access trading activities on the platform,

360T's Swaps Execution Facility has operated in Canada under an OSC exemption granted in June 2016. 360T's European MTF has additionally served the Canadian market under an exemption since June 2019.

In September, 360T introduced mid-liquidity streaming accessible via APIs on its Swap User Network (SUN). The initial trade executed by Deutsche Bank and ING signified a key advancement for the FX Swaps market, as 360T SUN currently uniquely provides continuous mid-price streaming for FX Swap instruments. 360T stated this innovation addresses rising demand from clients seeking FX Swaps access.

The Frankfurt-based financial technology provider specializing in OTC and FX instruments 360T has launched a crypto non-deliverable forwards (NDFs). The company facilitated the first trade on this new product between Wintermute Asia and Crypto Finance.

360T Launches Crypto Non-Deliverable Forwards, Facilitates First Trade

Initially, 360T is supporting crypto NDFs on Bitcoin and Ethereum, but wants to add additional assets in the future. According to the company, these products utilize existing OTC foreign exchange workflows to help streamline adoption by 360T's global client base.

Crypto NDFs allow clients to gain exposure to the underlying cryptocurrencies without needing to handle the assets directly. The products also enable firms to hedge existing crypto exposures through a regulated platform.

“We are very pleased to have supported the first bitcoin NDF trade on our platform, offering a proven, reliable and safe platform to facilitate Crypto NDF products alongside OTC and listed FX, Short-Term Money Market products, and Commodities,” said Sebastian Hofmann-Werther, the Head of EMEA at 360T.

The counterparties further expressed enthusiasm about being pioneers in trading these new products. Wintermute's CEO, Evgeny Gaevoy, said that NDFs offer a "safe gateway to crypto" for traditional financial institutions seeking exposure. The CEO of Crypto Finance, Stijn Vander Straeten, emphasized the role of regulated platforms, encouraging greater institutional crypto participation.

“We strongly believe that the crypto space has attracted significant attention from institutional investors, and the emergence of regulated trading platforms will catalyse increased engagement from these entities,” Straeten added.

360T provides technology for trading over-the-counter financial instruments, foreign exchange , interest rate derivatives and more. The company is the global FX unit of Deutsche Börse Group. According to the most recent data, it reported an average daily volume increase from $27.7 billion to $29 billion in January, with a total trading volume of $576 billion compared to the previous month's figures.

Expanding 360T Group's Trading Horizons

In a notable development in December 2023, 360T Group's new UK-based Multilateral Trading Facility (MTF) received an interim regulatory exemption from the Ontario Securities Commission (OSC). This exemption enables Canadian FX market participants to access trading activities on the platform,

360T's Swaps Execution Facility has operated in Canada under an OSC exemption granted in June 2016. 360T's European MTF has additionally served the Canadian market under an exemption since June 2019.

In September, 360T introduced mid-liquidity streaming accessible via APIs on its Swap User Network (SUN). The initial trade executed by Deutsche Bank and ING signified a key advancement for the FX Swaps market, as 360T SUN currently uniquely provides continuous mid-price streaming for FX Swap instruments. 360T stated this innovation addresses rising demand from clients seeking FX Swaps access.

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