Bitcoin Trade at Settlement Market Executes First Trade
GSR Markets & Celsius Network execute first trade on the TAS Electronic Order Book
Powered by Blockfills Trading Platform and Tassat Settlement Price
NEW YORK and CHICAGO: February 13, 2020: Tassat, a global provider of financial technologies and products for traditional and digital asset markets and Blockfills, a global leader in digital asset electronic market making, trading and prime brokerage, announce execution of the first trade on the newly launched institutional Trade-at-Settlement (TAS) service for spot Bitcoin (BTC/USD).
GSR Markets, a global leader in digital asset trading and market making, confirms that it has successfully traded with Celsius Network using the TAS electronic order book. GSR plans to utilize this new trading service as part of its offering to institutions trading digital assets. These consist of many structured products built to manage the risk and unique exposures of miners, projects, funds and exchanges in the ecosystem.
Celsius Network, founded in 2017 is a leading digital asset lender and financial services company. Digital asset lenders and financial companies benefit from TAS price discovery and lower cost execution when balancing their portfolios.
Bringing TAS, a commonly used trading service in the commodities markets, to Bitcoin trading marks a significant development in the market structure for digital assets, providing substantial trading, pricing, and settlement advantages for clients of the service.
The offering combines the latest in institutional-grade electronic trading infrastructure with a reliable and robust world class settlement rates based on executable, institutional-size quotes from over ten of the world’s leading digital asset dealers.
TAS paves the way as a new industry standard for institutions looking to build or hedge positions in Bitcoin. It allows for spot Bitcoin block execution at defined spreads from three daily defined settlement rates with typically less price slippage than standard execution methods.
Rich Rosenblum, Co-Founder of GSR said: “As derivatives trading grows, there is the need to trade crypto risk ratably each day and balance out exposure over longer periods. The TAS model serves as an important bridge between spot and OTC markets. This helps provide the foundation for customized hedging strategies to be built with better efficiency and accuracy.”
Neil Van Huis, Director of Sales and OTC Trading at Blockfills said: “The first trade was executed smoothly and the TAS settlement rate is robust and transparent. We have achieved the goal of innovating in infrastructure and simultaneously providing a unique commercial service to benefit institutions."
Josh Gibson, Director of Sales at Tassat said: “Our partnership with Blockfills, and this first trade with GSR and Celsius has been critical in demonstrating the effectiveness of TAS for the institutional market. We look forward to accelerating the rollout for what we expect to be a major contribution to digital asset market structure.
Asaf Iram, Head of Trading for Celsius Networks said "Our ability to use TAS as a method of low cost, transparent execution to balance our portfolio and deliver efficient services to our community will help us continue expanding our rapidly growing footprint in the digital asset lending space"
Tassat is a New York-based global financial technology provider of innovative solutions to financial markets utilizing blockchain-based technologies to enable frictionless asset transfer and settlement. Tassat has also created the first-of-its-kind margined deliverable swap contracts on Bitcoin as well as the first institutional OTC-based digital asset reference rates. For additional information, please visit tassat.com or connect with the Company on Twitter or LinkedIn.
Media Contacts: Tassat Group LLC
+1 (646) 661–4223
Blockfills is the first electronic, off exchange, digital liquidity provider operating an electronic communication network model (“ECN”). We provide aggressive streaming liquidity aggregation solutions, some of the deepest liquidity in the world and cutting edge technologies to deploy this liquidity to end- users anonymously in an impactful way. Blockfills sources its liquidity from the world’s largest non-bank trading institutions. We then match our clients to the best available price across our liquidity pools while completely eliminating the heavy lifting of sourcing price discovery. In addition, we offer the high touch support and professional market insight that is impossible to find at online exchanges.
Questions about TAS: [email protected]
For questions about trading at Blockfills: blockfills.com
+1 (312) 235-1024
About GSR Markets
Founded in 2013, the firm is one of the oldest established institutional market makers for digital assets, and is a recognized innovator in developing digital asset derivatives, algorithmic solutions and proprietary trading strategies. The GSR leadership team consists of finance and technology executives from companies such as Goldman Sachs, Two Sigma, Nomura International, IBM and Oracle, among others. Their collective experience and insights have allowed GSR to build one of the industry’s fastest, most robust and transparent digital asset trading systems. Many of the top participants in the industry, including token issuers, traders, investors, miners, and the leading cryptocurrency exchanges turn to GSR and its proprietary, state-of-the-art technology platform for their unique needs.
Ryan Dicovitsky & Tom Vogel
Dukas Linden Public Relations
New York, NY
+1 (646) 808-3646 / +1 (646) 808-3663
About Celsius Network
Celsius Network addresses the financial needs of today’s consumers worldwide through high-interest income and low-cost loans accessible via a mobile app. Built on the belief that financial services should only do what is in the best interests of the depositor community, Celsius is a Blockchain-based marketplace platform where membership provides access to curated financial services that are not available through traditional financial institutions. For additional information please visit celsius.networkMedia