Global Futures and Options Ltd. (GFO-X), a London-based trading platform for crypto derivatives, has signed prominent financial firms including Standard Chartered Plc, Virtu Financial Inc., ABN Amro Clearing, and IMC. Backed by M&G Investments, GFO-X plans to begin operations in early 2024 after multiple delays.
The platform aims to offer trading in Bitcoin index futures and options, with all trades cleared through LCH SA under its new DigitalAssetsClear framework.
US Election Sparks Renewed Interest
The re-election of Donald Trump and his pro-crypto administration have ignited renewed enthusiasm in the digital asset market. CEO Arnab Sen stated, “There are huge tailwinds post the US election,” highlighting an uptick in institutional interest.
Bitcoin has surged over 40% since the election, reaching a record high of $103,800 last week, further fuelling market optimism.
UK’s First Regulated Crypto Venue
GFO-X is set to become the UK’s first regulated and centrally cleared trading venue for crypto derivatives. Its launch signifies a key milestone in integrating digital assets into mainstream financial markets.
M&G Investments, which acquired a stake in GFO-X in a $30 million funding round last year, underpins the platform’s credibility.
Crypto Gaining Ground with Institutions
The launch of GFO-X is part of a broader trend of institutional adoption of digital assets. Intesa Sanpaolo SpA is expanding its digital assets desk, and BlackRock Inc. now holds $58 billion in Bitcoin-backed ETFs.
As crypto legislation becomes more favourable, platforms like GFO-X could drive further participation from large financial firms.
The arrival of GFO-X signals the growing maturity of the crypto derivatives market, with institutional players poised to reshape the landscape.
