Genesis has executed its first-ever block trade of CME’s newly listed large ETH options contract with Cumberland DRW, according to a statement by the company.
According to Genesis, via an affiliate, a trade of CME’s large ETH options contract affirms Genesis’ support of CME’s latest addition to its crypto derivative products as well as its position as a leading provider to institutional clients.
Cumberland DRW is a crypto-asset trading company within DRW and a top liquidity provider in crypto-assets.
Genesis said that ETH’s dominance in the crypto ecosystem and the Ethereum Merge have increased demand across their institutional client base to hedge their risk and manage spot Ether price exposure on a regulated venue, explained Josh Barkhordar, Head of US Sales, Genesis.
Rob Strebel, Head of Relationship Management for DRW, commented:
“Cumberland is excited to participate alongside Genesis in the execution of the first full-size ETH Option trade on the CME. Both of our firms have a long legacy in crypto and share a dedication to advancing the overall ecosystem. Today’s first trade is a big step forward in that endeavor, and we anticipate strong demand for this new contract, both from our native and TradFi counterparties, as ETH approaches its transition to POS.”
Genesis is a wholly owned subsidiary of Digital Currency Group (DCG). It is a full service digital asset trading platform serving institutions and certain, qualified individual investors.