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Startup exchange trueEX to launch bitcoin derivatives

Startup exchange trueEX Group LLC announced plans to launch derivatives on bitcoin and other digital assets.

Even though bitcoin's price has dropped dramatically since the near-$20,000 high in December 2017, exchanges continue to jump into the space. Following Cboe Global Markets Inc.'s and CME Group Inc.'s bitcoin futures launch in December 2017, other exchange operators such as Deutsche Börse AG and Nasdaq Inc. have expressed interest in launching similar products.

TrueEX plans to launch nondeliverable forward contracts linked to bitcoin prices and settled in U.S. dollars. The company said it is still awaiting approval for the contracts from the Commodity Futures Trading Commission.

TrueEX also announced a partnership between its newly created affiliate, trueDigital Holdings, and blockchain technology company ConsenSys LLC to develop a benchmark rate for Ethereum's ether token.