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Wall Street’s largest banks are tapping into the crypto market through derivatives

Episode 51 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and James Stickland, CEO of Elwood Technologies. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] Elwood Technologies — an Alan Howard backed digital asset platform that is building trading infrastructure for institutional investors — closed a $70 million Series A last month co-led by Goldman Sachs and Dawn Capital. In this …

FTX says farmers don’t need to worry about its US derivatives proposal

As FTX looks to convince market participants to get on board with its proposal to launch crypto-tied derivatives in the US, there’s one unusual group the exchange operator is looking to assuage: American farmers. FTX president Brett Harrison took to Twitter this weekend to comment on an article published by the Financial Times that highlighted the concerns of some groups in the agricultural industry. While FTX and its American affiliate FTX.US are known for operating in digital assets, FTX’s proposal …

What’s next for FTX’s proposal for crypto derivatives trading in the US?

Despite pushback from some in traditional finance, FTX’s proposal is in the hands of the CFTC. That’s good news for the crypto exchange.  Yesterday, the Commodity Futures Trading Commission hosted a roundtable discussion on disintermediation, largely prompted by a much-discussed proposal from FTX, though the commission emphasizes that other proposal also aim to disintermediate clearing.  There’s been plenty of criticism of FTX’s proposal. Some have said it puts too many eggs in one basket when it comes to risk along …

An Updated Look at On-Chain Structured Product Protocols

May 6, 2022, 2:56PM EDT • 6 min read Quick take Composability continues to be the main differentiator between on-chain derivatives protocols and their centralized counterparts.  Use cases have been largely limited to vaults for automated option selling and basis trading.  As derivatives protocols continue to grow in sophistication, the design space for decentralized structured products also expands considerably and will be explored here. Join The Block Research for exclusive research like this Gain access to this research piece and …

Congress schedules hearing on FTX’s proposal for disintermediation

Crypto exchange FTX will be the subject of a Congressional hearing next week.  On May 5, the House Agriculture Committee scheduled a hearing for May 12 entitled “Changing Market Roles: The FTX Proposal and Trends in New Clearinghouse Models.” The Commodity Futures Trading Commission, which the Agriculture Committee oversees, is currently reviewing a proposal from FTX that would disintermediate derivatives trading, among other changes to the cryptocurrency trading platform. FTX says the proposal would reduce friction and free up capital, …

Lido Finance overtakes Curve to become the biggest DeFi protocol by TVL

On Thursday, liquid staking provider Lido Finance became the largest DeFi protocol in terms of total value locked (TVL), a metric that tracks the amount of assets deposited in various DeFi projects. It is now looking after $19.4 billion in crypto at the time of writing. Curve, a decentralized exchange focused on stablecoins, previously led this metric for about six months. Curve now holds about $19.28 billion and trails Lido by only $120 million, meaning the two competitors are neck …

BitMEX lays off 75 employees after bank acquisition collapses

Crypto exchange BitMEX has laid off about a quarter of its staff globally just days after abandoning plans to acquire a German bank. The company — which is owned by 100x Group — currently employs roughly 300 people, meaning the cuts will affect around 75 employees, according to people familiar with the matter. Staff were informed about the move last week. “BitMEX is making changes to our workforce in order to streamline for the next phase of our business. Our …

FTX takes center stage at long-running futures conference in Boca Raton

FIA Boca — one of the largest institutional derivatives get-togethers — felt very different this year.  Not just because it was the first year since the onset of the pandemic that participants across the trading and exchange world descended upon Boca for the more than 40-years-old industry assemblage in Boca Raton Florida. It’s also not because the venue — the ornate, sprawling Boca Raton resort — was under construction (although that was a jarring experience for most guests).  Rather, it …

Coinbase outlines the path ahead for its planned derivatives offering

Coinbase revealed new details about its planned derivatives business during an event in Florida on Tuesday. The presentation at FIA Boca, a futures industry conference, came months after Coinbase announced its planned acquisition of FairX, a CFTC-regulated derivatives exchange. Appearing before the audience of traditional finance professionals were Vishal Gupta, Coinbase’s head of exchange, and Neal Brady, FairX’s co-founder and now a senior product director at Coinbase. Brady is also leading the rebranded FairX, now known as Coinbase Derivatives. During …