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B2C2 claims crypto market’s first non-deliverable forward

B2C2, the market-maker owned by SBI Financial Services, claims to have executed the crypto industry’s first non-deliverable forward (NDF) with trading firm QCP Capital this morning, according to a statement.
The size of the transaction was not disclosed. 
B2C2 said NDFs give institutions a familiar route to gaining exposure to crypto, without having to take ownership of it. The instruments are standardized and trade on foreign exchange markets.
Bitcoin was used as the underlying asset in the transaction, which was denominated in United States dollars.
“QCP views NDFs as a gateway to crypto markets for traditional financial institutions, such as investment banks, that are currently unable to handle the underlying assets,” said Darius Sit, co-founder of QCP Capital, which specializes in options and derivatives.
The CME CF Bitcoin Reference Rate (BRR) was used as the reference rate used for the derivative product, which has a maturity date of November 19, 2021.
Founded in 201

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