itBit Helps Complete Exchange For Physical (EFP) BTC On CME’s Bitcoin Futures Market
A historical event occurred earlier this week, for the first time two investors traded physical Bitcoin known as EFP. The achievement for Bitcoin, plus the adoption of the currency by some of the largest business entities in the world has shown the future possibilities of the cryptocurrency.
In past trades, EFPs have been used by traders to strengthen their presence on Wall Street. Bitcoin offers investors a way to diversify their portfolio and trading experience. The exchange was completed in an institution, it wasn’t in some run of the mill side exchange platform. That fact showed that traders on Wall Street were ready to cross new bridges with cryptocurrency. The Bitcoin Action was a CME EFP Class Exchange, done through E D & F management on Man Capital Markets.
The company is a respected future commissions-based exchange merchant. Other involved parties included itBit, another exchange respected as a verified financial institution. The exchange was made by pairing EFP or physical Bitcoin for a position on CME’s market listing.
Cryptocurrency offer a lot of benefits over fiat currency, especially since they’re better regarding taxes and liquidity. Once the price has been negotiated off exchange, the brokers come to a settlement and the transfer is made.
Trading of EFP will help to ease cryptocurrency into marketplace, making it a smoother integration of tokens into the Wall Street atmosphere. This is a breakthrough moment as traditionally the CFTC has only accepted cash exchanges for Bitcoin rather than the physical EFP. With trades like this occurring, it’s likely for exchanges to become more accepting of cryptocurrency.
It’s only a matter of time before more coins and currencies are able to be traded, eventually leading to the digital versions of tokens on Wall Street’s exchanges and paving the way for the future currencies of the world.
What are your thoughts? Will Wall Street’s swap open new doors for cryptocurrency? Leave your thoughts on the special occasion in the comment section below.