The market for Bitcoin derivatives has taken another step towards mainstream acceptance with the regulatory approval of a trading platform for Bitcoin options. Ledgerx - a start-up run by former Goldman Sachs high-frequency traders and backed by firms such as LightSpeed Ventures and Google Ventures - received approval for temporary registration as a swap execution facility under CFTC rules on Thursday. The approval is one part of a two-part plan from the firm to make hedging volatile Bitcoin prices a reality once it can clear the contracts. "This is a first step, and is positive progress, but it is only one milestone toward our ultimate goal," Paul Chou, CEO of the firm, told IFR. "Our mission is still to obtain a derivatives clearing organisation licence to operate a federally-regulated Bitcoin derivatives exchange and clearing house. At this time, we do not intend to launch with only a SEF licence."
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