ED&F Man Capital Markets and itBit Complete First EFP Trade Involving Bitcoin Futures

Exciting news comes from Wall Street today as ED&F Man Capital Markets and cryptocurrency trading exchange itBit completed the first exchange for physical (EFP) transaction involving Bitcoin futures.

ED&F Man Capital Markets is a registered futures commission merchant which regularly engages in commodities trading. However, this is the first time any executed EFP trade has ever involved a cryptocurrency acting as the physical asset.

“Every day we facilitate EFPs for our clients in physical assets such as soybeans, wheat and treasuries,” stated Brooks Dudley, Vice President of ED&F Man Capital Markets. “EFPs on CME Bitcoin futures mark an important step forward in the maturity of the regulated derivatives market for digital currencies.”

The trade represents an important step forward in cryptocurrency‘s march towards adoption into mainstream financial markets. Many professionals in the pubic financial sector, like CEO of Galaxy Investment Partners Mike Novogratz, have stated that a tipping point for cryptocurrency’s popularity will be reached once large financial institutions begin working within the space. While today’s trade may not represent the tipping point for cryptocurrency, it at the very least speaks to the growing confidence in cryptocurrency’s value among Wall Street traders.

itBit’s director of over-the-counter trading desk, Paul Ciavardini expressed his shared optimism for the future of cryptocurrency stating that he hopes EFP trades will “continue to reduce the friction in the cryptocurrency marketplace”.

The post ED&F Man Capital Markets and itBit Complete First EFP Trade Involving Bitcoin Futures appeared first on UNHASHED.