The world of cryptocurrencies is ever-expanding and evolving. New technology and ways to make the exchange user-friendly are being adopted at a very fast rate, and recently, a new venture took place between an exchange and a messaging service. This venture aims at involving block trades to the crypto derivatives, helping in making the market more mainstream.
Deribit, an exchange for Bitcoin and Ethereum have decided to partner up with Paradigm, a messaging service used by institutional traders. Deribit has set a minimum size limit for its blocks at 40 Bitcoin and 800 Ether which have an estimated value of $400,000 and $150,000. Around 10 large crypto trading firms have signed up for the service provided by Paradigm. One of those big names is QCP Capital.
Deribit was founded in 2016 and is based in Amsterdam, but the Dutch authorities do not regulate it because its pays are given out in cryptocurrency. The venture is a bet as just like other sectors, crypto derivatives will exceed in size. The average daily trade volumes in Bitcoin has gone up from $10 million in February to $40 million in July.