EverMarkets, a futures exchange and clearinghouse platform built on blockchain technology, has announced it will be launching its EverMarkets Exchange later this year for non-US participants, listing both cryptocurrency and traditional futures contracts.
Leveraging blockchain technology, EverMarkets will introduce an entirely new market structure aimed at creating a more transparent, efficient and secure marketplace. The innovative features include:
– Crypto-native platform: Participants can post collateral, pay fees and settle futures contracts in cryptocurrency without ever handling fiat currencies
– Smart contracts: The use of these digital contracts enable customer collateral and positions to be held on the blockchain, the clearing and custody functions and reducing risk.
– Auctions: The matching engine will use periodic batch auctions to remove speed from the equation and create a level playing field for all.
– Equal access: As order matching will be based on price and size, speed and co-location will be disincentivized.
Jim Bai, Chief Executive Officer and Co-Founder of EverMarkets, said: “EverMarkets is designed to bridge and modernize both the cryptocurrency and traditional financial markets. Coupling the power of blockchain technology with our market expertise, this exchange strives to create a marketplace that is fair for everyone and provides superior transparency and efficiency. Just as importantly, we’re giving cryptocurrency traders the means to expand their portfolios into traditional asset classes without the friction that the existing exchange model creates.”
For cryptocurrency holders, accessing futures contracts through EverMarkets will be simple and straightforward. Traders will use EMX tokens, a new cryptocurrency, to transact on the platform. They can then withdraw EMX tokens from the EverMarkets platform into their private wallets without lengthy approvals or a prolonged waiting period.
Prior to founding EverMarkets, Jim Bai was a Quantitative Portfolio Manager and Trader at Graham Capital Management for three years, and futures/options trader at Citigroup for six years.
“EverMarkets will play a vital role in the adoption of cryptocurrencies throughout the wider financial industry over the next several years, and achieving that means creating a market that is secure, reliable and trusted; which is what we’re committed to doing. More than just transforming the futures markets, we intend to demonstrate how cryptocurrencies and blockchain can make every aspect of trading much more efficient and safe”, Bai added.
EverMarkets intends to further the conversation regarding cryptocurrency exchange regulation with the Commodity Futures Trading Commission. The exchange will provide traders with access to the platform in an upcoming futures trading competition.
The founding team of three former traders, researchers, and leaders also includes President Mark Pimentel, former quantitative trader and market-maker at Citadel and Knight Capital, and CTO Craig Austin, former head of asset allocation research engineering at AQR.