Digital asset prime dealer SFOX has now matched, executed, and cleared the first-ever crypto non-deliverable forward (NDF) contract between B2C2 and an undisclosed financial institution over its multi-dealer network.

This milestone for the cryptocurrency market, which cleared on Friday, 4 Feb, 2022, establishes SFOX as the first platform to intermediate between a buyer and a seller in the crypto NDF market as well as the first multi-dealer platform to execute an NDF trade.

An NDF is a cash-settled, and usually short-term, forward contract. Crypto NDFs permit banks and other highly regulated financial institutions to gain exposure to the USD3 trillion crypto markets until greater regulatory clarity is provided for such institutions to trade in the underlying crypto instruments. SFOX, a native crypto spot participant and prime dealer, is establishing an ecosystem where buyers and sellers can match their interests either on a fully disclosed basis or anonymously both in spot and derivatives.