Cryptocurrency platform GFO-X, backed by Mail &Guardian, kicks off operations in the UK, aligning with broader efforts in derivatives trading.
A fresh take on the digital asset scene, London's welcomed a novel crypto trading platform called GFO-X, backed by M&G Investments. This ain't your typical kid's game – GFO-X has dived head-first into the crypto derivatives market, securing their debut trade this week.
Bloomberg's got the scoop: the launch happened in London, with market makers Virtu Financial and IMC making the first moves on this bitcoin index futures and options-focused platform. GFO-X is no stranger to regulatory compliance, having been vetted by the Financial Conduct Authority. The firm had initially aimed for a late 2023 launch, but delays forced them to push back. However, with the crypto markets heating up again, their timing seems spot on. In a chat with Bloomberg, CEO Arnab Sen shared his thoughts that institutional-level crypto onboarding takes longer than people anticipate.
This isn't just London dipping its toes; it's traditional finance diving deep into the crypto world. Just last week, the U.S.-based Coinbase announced they're buying Deribit – the globe's top exchange for Bitcoin and Ethereum options – for $2.9 billion, taking a huge leap into the booming crypto derivatives sphere.
GFO-X's London base fits right into this trend. Back in 2024, M&G Investments led their Series B funding round, pumping in $30 million. This investment supports the growth of regulated digital assets and helps establish a global hub for trading and clearing digital asset derivatives. As part of the deal, M&G also took a seat on GFO-X Holdings' board.
Sources: [1] Bloomberg, [2] Finextra, [4] The Block
- GFO-X, the crypto trading platform backed by M&G Investments, is not a typical entry in the digital asset scene; it specializes in crypto derivatives, already securing its debut trade this week.
- Bloomberg reported that market makers Virtu Financial and IMC initiated transactions on the bitcoin index futures and options-focused GFO-X platform during its London launch.
- Regulatory compliance is not a foreign concept to GFO-X, having been evaluated by the Financial Conduct Authority.
- The crypto industry continues to captivate traditional finance, as evidenced by Coinbase's recent $2.9 billion acquisition of Deribit, the globe's top exchange for Bitcoin and Ethereum options.
- M&G Investments' Series B funding round in 2024, amounting to $30 million, supports the growth of regulated digital assets and helps establish a global trading and clearing hub for digital asset derivatives.
- With the wave of investments in the crypto and technology sector, it seems that businesses like banking and insurance are beginning to explore the potential of blockchain, ICOs, and DEXs in the realm of finance and investing.
