Provides the transparency and confidence needed to enable institutional-grade derivative products
TrueDigital Holdings (“TDH”), a leading developer of institutional-grade digital asset trading solutions, has partnered with 10 liquidity providers and contributors, including Genesis Global Trading, XBTO Group, Circle, DV Chain, Hehmeyer and Altonomy to create the first market maker based Bitcoin and Ether pricing indices.
The launch of the trueDigitalBitcoin and Ether reference rates sets a new standard for the digital asset market and allays common concerns about the robustness and lack of transparency inherent in retail exchange-based bitcoin pricing composites.
The trueDigital reference rates, comprised of bid and offer pricing from top cryptocurrency market makers include automated anti-manipulation safeguards such as outlier detection and price banding. Robust policies surveil potential manipulation and review the contributing sources on an ongoing basis in line with the IOSCO based methodology. Investors are given the most accurate representation of actionable liquidity within the institutional digital asset markets.
“The digital asset market is still young, especially for financial institutions,” said Michael Moro of Genesis Global Trading. “trueDigital is methodically building the components needed to evolve this ecosystem and make it habitable for firms seeking exposure to digital assets. OTC indices are the next leap forward in the maturation of the market.”
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“While benchmarks across all asset classes are the subject of more scrutiny than ever before, regulators have been especially meticulous, and rightfully so in their examinations of digital asset indices,” said Philippe Bekhaziof XBTO Group a significant liquidity provider in the digital space. “By working with trueDigital on this index, we’ll solve a critical question for all institutions and enable unprecedented growth in the digital assets markets.”
“trueDigital understands the importance of a robust, credible and transparent bitcoin benchmark,” said Garrett See of DV Chain. “These indices will become an industry standard as institutions continue to join the digital asset market and seek out best-in-class solutions to fix derivatives and build pricing models.”
“The approach that trueDigital has taken to establish institutional-quality benchmarks comes at a great time for the industry, delivering much-needed confidence to what remains a relatively young but important sector of the global financial marketplace,” said David Nuelle of Hehmeyer.
“One of the core value propositions of these assets, decentralization, has also made benchmarking a herculean task,” said Ricky Li at Altonomy. “By sourcing institutional pricing data from all over the world, trueDigital is establishing the first global benchmark for these digital assets. Their rigor and focus on building institutional-grade indices should be a boon to regulators across countless jurisdictions.”
“We’re delighted to have the support of so many leading digital asset market makers in developing this key institutional benchmark,” said Nick Goodrich, Head of Business Development at TDH. “Not only will it provide more representative and accurate pricing, but it will provide the level of transparency needed to address ongoing market and regulatory concerns.”
Formed in March 2018, TDH intends to launch a regulated, enterprise derivatives marketplace for digital assets.