Brave New Coin, a crypto-asset trading, research, and data firm, has agreed to a multi-year partnership with Toronto Futures Options Swaps Exchange or tFOSE, a derivatives exchange and clearinghouse that’s in the process of obtaining regulatory approval in Canada.
Brave New Coin will be designing, calculating, and administering several different cryptocurrency indices that will be used to power cash-settled options trading on tFOSE.
An options contract is an agreement between two consenting parties to carry out a potential transaction with a particular asset at a predetermined price and date. Purchasing an options contract provides the right (and not the obligation) to buy or sell the underlying asset.
As mentioned in a release shared with CI:
“Canada has not yet made significant progress in bringing institutional-grade cryptocurrency products to the market. Brave New Coin’s indices will enable tFOSE’s clients both in Canada and globally to trade crypto derivatives on a fully-regulated Canadian exchange. This allows traders to diversify their portfolios and exposure, hedge risk, and access an emerging asset class without having to directly hold the underlying cryptocurrency as they are cash-settled products.”
James Beattie, President and CEO at tFOSE, stated that after conducting relevant research and performing due diligence, tFOSE chose Brave New Coin for generating cryptocurrency market data and indices.
Beattie added that Brave New Coin meets all of his company’s requirements, which include a unique approach to designing indices that should help tFOSe satisfy the needs of its retail and institutional investors.
Fran Strajnar, CEO and Founder of Brave New Coin, remarked:
“The crypto ecosystem is maturing and demand for regulated investment products from institutional markets is growing. We’ve dedicated our company to building products that bring institutional-grade services to this emerging asset class.”
Brave New Coin offers various data and index solutions to its partners which include NASDAQ, Amazon Alexa, BTSE.com, TPICAP and Dow Jones Factiva. When people ask Amazon’s Alexa for the price of any digital currency, her answer reportedly comes from Brave New Coin’s data engine.
