ConsenSys, the New York-based blockchain application startup, has announced today it is partnering with TrueDigital, a new affiliate of online interest rate swap marketplace trueEx, in an effort to develop a benchmark price for ethereum’s ether cryptocurrency.
According to an announcement, the two firms are planning to design a target reference index for the price of ether (ETH), the second largest cryptocurrency by total value, as an initial step towards the goal of making more crypto trading products available for institutional investors.
The partnership news comes alongside trueEx’s announcement today that the company is planning to launch a derivatives marketplace for cryptocurrency assets.
The first product is expected to be a bitcoin contract on trueEx’s swap trading platform, but marketed under the TrueDigital brand, the firm said. The contract is currently pending approval from the U.S. Commodity Futures Trading Commission (CFTC).
The development arises from the increasing interest in cryptocurrency-related derivative products from institutional investors, the two firms said…