Consensys, a blockchain application startup based in New York, has disclosed that it is forming a partnership with a trueEx affiliate, TrueDigital, with a view to developing Ether?s (ETH) benchmark price. Additionally the partnership will involve laying the infrastructure required to ensure that digital assets are adopted broadly by commercial partners and institutional investors.
“Institutional investors and commercial partners are ready for a regulated and liquid marketplace to gain exposure to and hedge these increasingly important digital currencies and commodities, but the marketplace is sorely lacking the necessary foundation, infrastructure and platforms,” the founder of trueDigital Holdings, Sunil Hirani, said.
Bitcoin (BTC) contract
trueEx?s first product is slated to be on its swap trading platform and is likely to be a contract for Bitcoin. Currently the Commodity Futures Trading Commission is being waited upon to give its approval. There has been a growing interest in derivative products that are related to virtual currencies from institutional investors. Authorization from the Commodity Futures Trading Commission has already been given allowing Chicago Board Options Exchange and CME Group to trade Bitcoin futures.
This comes in the wake of Consensys announcing the commercial availability of professional services and technical support for the open-source blockchain platform known as Quorum. The enterprise platform is aimed at private transaction procession among a select group of participants. Quorum is Go-based, an Ethereum protocol implementation. Some of the financial institutions that have implemented Quorum include Project Ubin (Monetary Authority of Singapore) and Santander.
According to the co-founder of Ethereum and the founder of ConsenSys, Joe Lubin, Quorum will make it possible to trustworthy transactions to be conducted besides enabling business organizations to engage in collaborations using shared infrastructure. Enterprise customers will be assured of world class support, performance and high availability. ConsenSys and the EEA ? Ethereum Enterprise Alliance, will also continue working closely with a view to encouraging collaboration between public and enterprise Ethereum communities.
Per the EEA executive director, Ron Resnick, many member firms are expected to participate in developing Quorum-based production-scale applications. Resnick also acknowledged the assistance provided by ConsenSys with regards to the delivery of a standard specification that will be at the service of the Ethereum Enterprise Alliance.
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