Cryptoasset-to-USD lender BlockFi recently announced with CMT Digital that the companies have been cleared for what it claims to be the first-ever block trade for Ethereum futures on the CME, facilitated by ED&F Man Capital Markets Inc. According to BlockFi, CME also offers Bitcoin futures, which are actively traded with more than $2 billion in open interest, allowing traditional firms to obtain crypto exposure through a regulated product.
“Futures are also popular for basis arbitrage, which lets market participants provide or receive synthetic financing. BlockFi is one of the leading OTC desks for arbitrageurs trading the spot leg of such transactions, with best-in-class lending rates.”
Speaking about the launch, Yevgeniy Feldman, Vice President for Institutional Services at BlockFi, reported:
“We are constantly improving our trading infrastructure to address the needs of the institutional community. Block trades are an important part of the traditional futures ecosystem, as they let participants access liquidity quickly and efficiently, with transparent pricing provided by an OTC desk, such as BlockFi.”
Founded in 2017 by Zac Prince and Flori Marquez, BlockFi stated it is building a bridge between cryptocurrencies and traditional financial and wealth management products to advance the overall digital asset ecosystem for individual and institutional investors. BlockFi’s also revealed its platform manages more than $8 billion in assets and has generated tens of millions in crypto interest for clients.