Digital assets: new crypto ETP provider in Sweden, Ribbon launches onchain altcoin options

Virtune has become the first regulated digital asset manager in Sweden to launch crypto ETPs on Nasdaq Stockholm in collaboration with index provider Vinter, issuing agent Nordic Issuing, market maker Flow Traders and Coinbase as custodian.

The new Virtune Crypto Top 10 Index ETP (VIR10) offers exposure to up to 10 leading cryptocurrencies in one single product via the Virtune Vinter Crypto Top 10 Index (VVTOP10).

This product caters to institutional investors and experienced crypto enthusiasts while also serving as an excellent entry-level product for those new to crypto investments - Christopher Kock, Virtune

The ETP, which is 100% physically backed by cryptocurrencies and fully collateralised, will be available in Swedish krona for the Swedish investors and in euros for the rest of the Nordic investors. The product holds two ISINs to cater for each currency, SEK (SE0020052207) for Swedish investors and EUR (SE0020052215) for euro investors.

The underlying index has an allocation to 10 cryptocurrencies with a maximum weight of 40% per cryptocurrency to promote diversification, providing a balanced and diversified investment alternative. The underlying basket will only comprise cryptocurrencies that are approved by Nasdaq and will be rebalanced monthly to ensure that remains up to date and aligned with current market conditions.

'This product caters to institutional investors and experienced crypto enthusiasts while also serving as an excellent entry-level product for those new to crypto investments,' said Christopher Kock (pictured), CEO of Virtune.

Virtune is a registered financial institution by the Swedish FSA and withholds an approved EU Base Prospectus for issuing crypto ETPs in Europe.

Ribbon's decentralised exchange Aevo unveils altcoin options trading…

The Ethereum-based structured product firm Ribbon Finance's decentralised exchange Aevo has begun offering options tied to alternative cryptocurrencies (altcoins), a crypto term used to describe digital assets other than bitcoin (BTC) and sometimes even ether (ETH).

Aevo users can now trade options linked to Lido's LDO, Pepecoin (PEPE), Sui's SUI, Arbitrum's ARB, Litecoin (LTC), Aptos (APT) and other tokens which could earlier only be traded through an over-the-counter (OT) desk.

Users can pick the options strike price and tenure of these options and get instant quotes from crypto market makers Galaxy, GSR and OrBit Markets.

Currently, Aevo users can only buy options and hold the same till expiry or square off before the expiry, but the firm has plans to allow users to write options with customised margins and counterparty of choice.

Market makers would need to post collateral, approximately 30% of the notional trade size, in the form of dollar-pegged stablecoin USDC, Ribbon Finance's CEO Julian Koh said.

Ribbon launched Aevo last year to allow ether investors to trade options onchain.

… OrBit executes first trades

Digital asset options and structured products OrBit Markets has executed its first trades on the newly-launched option decentralised exchange (DEX) Aevo OTC, run by Ribbon Finance. One of the trades was an option on alternative token Aptos with DeFi-focused hedge fund Re7.

The trades highlight the growing demand for non-custodial solutions to trade options in digital assets. With portfolio margining, support for a wide range of tokens and the elimination of counterparty credit risk, Aevo is seeking to capitalise on new demand to trade digital asset options in a ‘transparent, secure and efficient way,’ said Caroline Mauron (right), CEO of OrBit Markets.

‘The collaboration with multiple prominent players in the digital asset industry showcases the growing adoption of on-chain derivatives and our commitment to providing liquidity and market-making services via the latest blockchain technologies," said Mauron.

Julian Koh, CEO of Ribbon Finance welcomed OrBit Markets ‘as a partner and liquidity provider on Aevo’.

‘Their expertise in options is invaluable, and we look forward to working closely with them to build the next-generation options trading platform in DeFi," he said.

Yield App boosts crypto accessibility with open banking solution

Estonia-based digital wealth platform Yield App has partnered with Volt, a global real-time payments gateway, to offer additional GBP and EUR on-ramps via Faster Payments Service (FPS) and SEPA Instant credit transfer scheme.

Yield App customers can now buy cryptocurrency in real time directly with their bank, thanks to the integration of Volt's pan-European open banking solution. With connections to 1,800+ banks across the continent, the two-step process enables customers to authorise transactions with just face ID or biometric authentication from their banking app.

The partnership is a strategic move by Yield App to ensure its customers have a seamless experience when accessing the platform's full suite of products, which bridge the gap between traditional finance and decentralised finance through crypto structured products and its core earn offerings.

Building upon the foundations of legacy payment solutions, open banking-powered on-ramping has emerged as the faster, easier and more secure way to invest, offering an enhanced payment experience fit for the digital age, said Gero Piskov (right), card and payments manager at Yield App.

‘It's time for the industry to embrace open banking solutions so that retail crypto investors aren't left outside in the cold, said Piskov.

OKX Shark Fin debuts new weekly listing, bolsters dual investment

OKX , the second-largest crypto exchange by trading volume and a leading Web3 technology company, has added a new weekly listing on its Shark Fin structure.

Launched in February, OKX’s Shark Fin is a principal-protected product that gives users the ability to choose the quantity of USDT and take a bullish or bearish position on a major crypto asset within a stated price range in a seven-day period.

The investor’s principal USDT investment is protected throughout the product’s lifespan and no service fees are charged. Current assets offered on the shark fin structure include bitcoin and ethereum.

The crypto exchange led by Jay Hao (right) has also beefed up its dual investment offering with three new additions - Filecoin (FIL), Polkadot (DOT) and Arbitrum (ARB), which enable users to access a wider range of dual investment options on OKX.

OKX Dual Investment allows users to maximise their profits by choosing a major crypto pair to trade, such as BTC – USDT - by subscribing to a dual investment product, users can buy or sell an options contract and receive returns in either of the cryptocurrencies - depending on their target price.

Beyond OKX’s exchange, the OKX Wallet is the platform's latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.