360T, the web-based FX trading subsidiary of Deutsche Börse, has launched a crypto non-deliverable forward (NDF) offering that supports access to crypto NDFs on Bitcoin and Ethereum. In a press release announcing the launch, 360T revealed that the new platform uses existing over-the-counter FX workflows to “help streamline the adoption of these new products by its diverse client base globally”.
As explained in an article by Ledger Insights, NDFs are popular among institutions because allow exposure to the asset without the need to hold or custody cryptocurrency. Ralph Achkar, head of digital currency strategy at 360T expressed the same in his statement, saying, “we are allowing our diverse, global client base to engage with the crypto market without the need to build or invest in DLT infrastructure”.
Wintermute and another Deutsche Börse subsidiary, Crypto Finance, were the first to trade on the platform.
