This is the first step to launching its derivatives platform. Once launched they will compete with big names like Bakkt and Seed CX on physically-settled bitcoin futures.
Tassat which was formerly known as trueDigital Holdings has acquired a swap execution facility (SEF) registration from the U.S. Commodity Futures Trading Commission (CFTC).
CFTC published an announcement on 6th November confirming that they have approved the transfer of SEF registration from trueEX LLC to Tassat. TrueEX first acquired its SEF registration back in January 2016.
The announcement read,
“true and Tassat met the requirement for transferring a SEF registration by demonstrating that Tassat will be in compliance with provisions of the Commodity Exchange Act and CFTC regulations applicable to SEFs after the registration is transferred. There are currently 19 registered SEFs, including Tassat,”
Tassat has expressed its desire to open a fully regulated crypto derivative platform for US customers which would offer a range of derivative products including physically delivered Bitcoin swaps.
Thomas Kim, Tassat CEO said,
“adding the exchange to our ecosystem delivers a complete end-to-end offering, currently unavailable today, that encompasses tokenization, payments, market data and settlement for the benefit of our clients and partners.”
If Tassat manages to get hold of designated contract market (DCM) registration which is also currently held by trueEX, it would be all set to open its derivative platform in the United States. The new platform would be competing against the likes of LedgerX, Bakkt/Intercontinental Exchange and many other derivative offering platforms in the US.
Tassat was founded in 2018 but has been actively involved in the decentralized space despite being a new platform. It helped build the Signet blockchain payments platform for Signature Bank, recently it partnered with AlgoTrader to offer its upcoming derivative products to institutional investors and it has also partnered with Kaiko and Inca Digital Securities to provide their customers access to the OTC bitcoin and ethereum reference rates.