Singapore’s QCP Capital executes crypto NDF

London-based crypto counterparty B2C2 and Singapore’s digital asset trading firm QCP Capital announced they have executed a crypto non-deliverable forward (NDF) as a bilateral transaction. Crypto NDFs provide synthetic exposure to cryptocurrencies through a standardized instrument.

The executed NDF had a bitcoin underlying and was denominated in US dollars. The reference rate used for the crypto derivative was the CME CF Bitcoin Reference Rate (BRR), with a maturity date of November 19th 2021.

Darius Sit, co-founder of QCP Capital, said in a statement: “QCP views NDFs as a gateway to crypto markets for traditional financial institutions, such as investment banks, that are currently unable to handle the underlying assets.” QCP’s parent company is Japanese Financial Group SBI.

Phillip Gillespie, co-CEO of B2C2, said in a statement: “Crypto NDFs have been long-awaited by institutions seeking an ‘on-ramp’ instrument they are familiar with.”

Sui Chung, CEO of CF Benchmarks, said in a statement: “B2C2’s crypto NDF joins the $5.7 billion BRR liquidity complex comprised of CME futures contracts, ETFs from Evolve and QR Asset, and the WisdomTree Bitcoin ETP.”


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