Cryptocurrency derivatives exchange Tassat, previously known as trueDigital, has won the U.S. Commodity Futures Trading Commission’s (CFTC) approval to launch physically-settled bitcoin margin swaps.

According to an announcement published by the CFTC, it approved the transfer of a swap execution facility (SEF) registration from trueEX LLC to Tassat this month, about four months after the companies reached an “agreement in principle” for it. TrueEX was granted the SEF registration back in 2016.

The CFTC’s announcement reads:

TrueEX and Tassat met the requirement for transferring a SEF registration by demonstrating that Tassat will be in compliance with provisions of the Commodity Exchange Act and CFTC regulations applicable to SEFs after the registration is transferred. There are currently 19 registered SEFs, including Tassat.

Tassat isn’t the only crypto derivatives exchange to be able to offer these products to clients. Earlier this year LedgerX won CFTC approval to launch physically-settled bitcoin futures contracts, after being registered with the CFTC as a swap execution facility and derivatives clearing organization (DCO) since July of 2017.

Tassat hasn’t yet disclosed a launch date for its physically-settled bitcoin margin swaps, but said it’s “actively onboarding institutional participants” while also testing the offering. Launching a bitcoin swaps product will see it compete with SeedCX, which has been testing a similar offering since August and is looking to go live this year.

The firm, founded in 2018, has been notably active in the cryptocurrency space. It helped Signature Bank launch its Signet blockchain payments system, and partnered with Inca Digital Securities and Kaiko to see its over-the-counter (OTC) bitcoin and ether reference rates reach a wider audience.

Featured image via Pixabay.