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 Networkusing 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"