RATE Group | Bitcoin price reference rate based on market maker data
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Bitcoin price reference rate based on market maker data

19 Jul Bitcoin price reference rate based on market maker data

Posted at 15:40h in Bitcoin News by

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A group of bitcoin’s biggest traders have teamed up with a small crypto firm to build out two new pricing indices for bitcoin and ether.

TrueDigital, the digital currency trading firm led by Wall Street vet Sunil Hirani, the founder of interest rate swaps exchange trueEx, announced the two new reference rates on Thursday.

Those rates, which can serve as a basis for derivative products such as futures or an exchange-traded fund, take in data from market making firms.

Some of the firms that partnered with trueDigital on the project include Goldman Sachs-backed Circle and a number of Chicago proprietary trading shops, including DV Trading and Hehmeyer Trading.

Elsewhere on Wall Street, CME Group, the giant exchange group behind one of the US markets for bitcoin futures, has its own reference rate for bitcoin and ether. The former serves as the basis of its bitcoin futures product. Hirani said he would be open to having established bitcoin futures exchanges using trueDigital’s…

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