Brave New Coin (BNC), a digital asset data provider, has been chosen by Toronto Futures Swaps Exchange (tFOSE) to power the latter’s crypto options trading platform.
The data provided by BNC will pave way for the Canadian derivatives exchange and clearing house to present its clients with cash-settled crypto derivatives.
The collaboration will witness BNC “design, calculate, and administer a suite of cryptocurrency indices to power cash-settled options trading on tFOSE.” James Beattie, president and CEO of tFOSE, revealed that BNC was selected after the exchange carried out elaborate study into crypto market data providers.
Beattie said “Brave New Coin meets all of our needs, taking a unique approach to index design, methodology, and governance that will help tFOSE meet the specific, exacting needs of both our retail and institutional investors.”
The exchange expects its crypto options platform to go live during 2021. Nevertheless, tFOSE is yet to obtain clearance for the organized agreements.
The firms anticipate that the indices will be offered for production by 4Q20, with the enterprises intending to roll out the ‘tFOSE BNC Litecoin Index’ first.
As of date, BNC offers data and index services to several exchanges including NASDAQ, Dow Jones Factiva, and Amazon Alexa.
