Mobile payments firm, Square announced recently that it’s planning to integrate Bitcoin into its business as an alternative form of payment to tap into the growing market of trading in Bitcoin and other cryptocurrencies. Square will enable its users to buy and sell Bitcoin via its Cash App that has more than 7 million subscribers across the world. According to Jack Dorsey Co-founder and CEO of Square, digital currency is a transformational technology that would help the company to achieve its long-term goal of greater financial access for all its stakeholders.
Another Wall Street trading technology firm TrueEx is also planning to venture into the cryptocurrency space. The company will launch its new platform trueDigital that will highlight Non-Deliverable Forward (NDF) contracts for various cryptocurrencies starting with Bitcoin. The new derivative which is still waiting for approval from the Commodity Futures Commission will operate under the company’s affiliate known as trueDigital Holdings.
According to Brooks Dubley of ED&F Capital Market, NDFs on the virtual assets are essential especially for institutional investors seek to venture into the cryptocurrency markets. TrueEx has also signed a contract with ConsenSys to develop a benchmarking rate for several cryptocurrencies including Bitcoin and Ethereum. The ED&F Capital Markets will provide prime brokerage services for the digital currencies on the trueDigital platform.
Other firms that have recently launched the cryptocurrency derivatives platforms in the US market include the Cboe Global Markets and CME Group that introduced their Bitcoin futures market late last year. Additionally, Nasdaq will open Bitcoin futures market before the end of the year.
At the same time, Trading Technologies (TT) launched a digital currency trading platform that targets the retail investors, according to Business Insider. The new service is an upgrade of its professional trading platform TT that offers its users access to futures and options.
The company intends to bring a Wall Street trading customer experience to the crypto. Most of the non-crypto firms are increasingly joining the cryptocurrency market to exploit the rapid growth of the industry.