Over 20 representatives of some of the biggest merchants, banks and investors of the crypto market have met to talk about the inclusion of digital assets and cryptocurrencies in the established financial world. Bloomberg reported this on the 25th of April.
Meeting Included Circle, Binance and Coinbase
According to Bloomberg, Hoe Lon Leng who worked for Standard Chartered Plc organized the meeting. It took place in January of last year in a hotel in Singapore. Some of the participants represented giants of the industry such as Galaxy Digital, Circle, Binance and Coinbase. An important subject of the meeting was how the crypto industry could gain more trust by institutional investors and by the public.
Clearinghouse for the Crypto Derivatives
Bloomberg reported that the result of the meeting was to create a clearinghouse for crypto derivatives. This would make investments in crypto assets more effective as it would lower trading costs and attract more investors. Consequentially, the trade volume would rise and the market could mature through this.
Reportedly, the clearinghouse already exists under the name “Liquidity Offset Network”. It will potentially launch in July already under the supervision of the Singaporean financial authority.