Formerly called Crypto Facilities, CF Benchmarks’ eight reference products include four indices and reference rates provided for CME Group, which currently offers a bitcoin futures product: the CME CF Bitcoin Reference Rate and CME CF Bitcoin Real Time Index, and the CME CF Ether-Dollar Reference Rate and CME CF Ether-Dollar Real Time Index.
Market data from the Winklevoss twins-founded crypto exchange Gemini is being added to eight crypto indices offered by CF Benchmarks.
CF Benchmarks said Thursday that the addition of Gemini as a data source, alongside existing exchanges Bitstamp, Coinbase, itBit and Kraken, will boost the quality of market data underlying the indices.
“This ensures the reference rates remain the most accurate and liquid representation of the underlying market for Bitcoin-USD transactions”, the firm said.
The new data source will be live on the indices from Aug. 30 at 4.30 p.m. U.K. time (15:30 UTC).
“We’re pleased with the addition of Gemini data to our bitcoin and ether reference rates and realtime indices”, said Tim McCourt, managing director and global head of equity products and alternative investments at CME Group. “This will capture wider market participation and increase the robustness of the pricing indices at a time when customers are increasingly using our bitcoin futures to trade and manage underlying spot market price risk.”
When still called Crypto Facilities, CF Benchmarks was acquired by Kraken in an undisclosed deal thought to be for at least $100 million back in February. As well as its reference data, the firm offers crypto exchange services and futures products.
SBI Holdings’ Crypto Exchange Adopts New Tech to Help Meet FATF Standards
VC Trade, the Japan-based crypto exchange launched by SBI Holdings last year, is integrating new technology to help it comply with international customer verification standards issued by the Financial Action Task Force (FATF) in June.
The solution is provided by blockchain security company CoolBitX, which has developed a wallet product based on its know-your-customer (KYC) and anti-money laundering (AML) compliance-focused cryptocurrency transaction and security solution called Sygna.
According to an announcement from CoolBitX on Thursday, SBI’s VC Trade is now using a customized version of the company’s wallet, CoolXWallet, which only allows users to withdraw their crypto assets to their wallets after completing “multiple layers” of KYC.
Michael Ou, founder and CEO of CoolBitX, said:
“The FATF has now set firm KYC/AML guidelines for the virtual asset industry, regulating VASPs virtual asset service providers in the same way as financial institutions. … In a major step towards safer and more wide-spread cryptocurrency adoption, we are proud to have partnered with SBI VC on CoolXWallet, a KYC/AML solution based on CoolBitX’s technology.”
Effectively, a representative told CoinDesk, “Sygna takes the responsibility of conducting KYC away from exchanges by ensuring that all wallet holders are fully KYC-ed through their wallet.”
The early adoption of the Sygna-based solution by SBI’s VC Trade represents a “first proof-of-concept” of the tech in the real-world, they said. The firm aims to offer the product to crypto exchange providers, institutions and individuals going forward.
Yoshitaka Kitao, representative director, president and CEO of SBI Holdings, said:
“CoolXWallet has given SBI VC an easy way to protect our customers while complying with Japanese and international KYC standards. The borderless nature of digital assets requires a solution that isn’t bound by geographical boundaries, and because of that, we are excited to implement the wallet as a secure system to drive cryptocurrency adoption forward.”
